The Central Bank of Nigeria (CBN) in its drive to implement a cashless economy has placed new limits to over-the-counter withdrawals to N100,000 for individuals and N500,000 for corporate organizations.
NewsOnline reports that the apex bank disclosed this on Tuesday in a press release signed by CBN’s director of banking supervision, Haruna Mustafa, to all Deposit Money Banks, other financial institutions, primary mortgage banks and microfinance banks.
CBN also placed Automated Teller Machine withdrawals to a maximum of N20,000 per day.
The release read in part, “The maximum cash withdrawal over the counter (OTC) by individuals and corporate organizations per week shall henceforth be N100,000 and N500,000, respectively.
“Withdrawals above these limits shall attract processing fees of 5% and 10%, respectively; third-party cheques above N50,000 shall not be eligible for payment over the counter, while extant limits of N10,000,000 on clearing cheques still subsist; the maximum cash withdrawal per week via Automated Teller Machine (ATM) shall be N100,000 subject to a maximum of N20,000 cash withdrawal per day;
“Only denominations of N200 and below shall be loaded into the ATMs;
“The maximum cash withdrawal via point of sale (PoS) terminal shall be N20,000 daily and in compelling circumstances, not exceeding once a month, where cash withdrawals above the prescribed limits are required for legitimate purposes, such cash withdrawals shall not exceed N5,000,000 and 10,000,000 for individuals and corporate organizations.”
Haruna further disclosed that the new policy was in line with the new naira design. He further said the implementation of the new withdrawal policy will be on January 9, 2023.