Cash Withdrawal Limited To N100,000, N500,000 By CBN

Post created on 9:30 am

The Central Bank of Nigeria, CBN, has reduced the maximum over-the-counter (OTC) cash withdrawal per week for individuals to N100,000 and N500,000 for corporate organisations.

The apex bank also limited individual Point of Service (POS) to N20,000 per day.

This information was contained in a circular by the CBN and addressed to all Deposit Money Banks and Other Financial Institutions, Primary Mortgage Banks and Microfinance Banks.

The circular dated 6th December 2022 was titled Naira Redesign Policy – Revised Cash Withdrawal. It was signed by the Director, Banking Supervision Mr Haruna Mustafa

Parts of it read: “Further to the launch of the redesigned Naira notes by the President of the Federal Republic of Nigeria, on Wednesday, November 23, 2022, and in line with the Cashless policy of the CBN, all deposit money banks (DMBs) and other financial institutions (OFls) are hereby directed to note and comply with the following:

“The maximum cash withdrawal over the counter (OTC) by individuals and corporate organizations per week shall henceforth be N100,000 and N500, OOO respectively. Withdrawals above these limits shall attract processing fees of 5% and 10%, respectively.

“Third-party cheques above N50, OOO shall not be eligible for payment over the counter, while extant limits of N10,000,000 on clearing cheques still subsist.”

“Stating further, the maximum cash withdrawal per week via Automated Teller Machine (ATM) has been reduced to N100,000 subject to a maximum of N20,000 cash withdrawal per day.”

Also “only denominations of N200 and below shall be loaded into the ATMs.”

While the maximum cash withdrawal via point of sale (POS) terminal shall be N20,000 daily, the circular further stated.