CBN reduces Cash withdrawals to N100,000 Weekly

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The Central Bank Of Nigeria has announced a fresh cash withdrawal limits on individuals and organizations, which takes effect from January 9, 2023.

According to a new memo to banks issued on Tuesday and signed by the Director of Banking Supervision, Haruna .B. Mustafa, individuals will only be able to withdraw N100,000 per week ( from over-the-counter, Point of Sale Machines or the Automated Teller Machines), while organizations can access N500,000 per week.

Banks have also been directed to load only N200 and lower denominations into their ATM.

The memo read in part:

“Further to the launch of the redesigned naira notes by the President, Major General Muhammadu Buhari (retd.), on Wednesday, November 23, 2022, and in line with the cashless policy of the CBN, all deposit money banks and other financial institutions are hereby directed to note and comply with the following:

“1. The maximum cash withdrawal over the counter 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.

“2. 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.

“3. The maximum cash withdrawal per week via Automated Teller Machine shall be N100,000 subject to a maximum of N20,000 cash withdrawal per day.

“4. Only denominations of N200 and below shall be loaded into the ATMs.

“5. The maximum cash withdrawal via the point of sale terminal shall be N20,000 daily.”

“Finally, please note that aiding and abetting the circumvention of this policy will attract severe sanctions.

“The above regulatory directives take effect nationwide from January 9, 2023. Please be guided accordingly.”