The Central Bank of Nigeria (CBN) has set N100,000 and N500,000 as the maximum limits for withdrawal over the counter by individuals and corporate organizations respectively with effect from January 9, 2023.
This was disclosed on Tuesday in a letter signed by the director of banking supervision at CBN, Haruna Mustafa.
According to the memo, 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 organisations can access N500,000 per week.
The letter, addressed to all banks and other financial institutions, said cash withdrawals above the stated limit shall attract a processing fee of 5 percent for individuals and 10 percent for corporates.
The memo reads in part: “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 Cash- less policy of the CBN, all deposit money banks (DMBS) and other financial institutions (OFIs) are hereby directed to note and comply with the following:
1. The maximum cash withdrawal over the counter by individuals and corporate organisations 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.”