The Central Bank of Nigeria’s (CBN) cash withdrawal limit policy for individuals and corporate entities is expected to take effect today.

Recall that the CBN had, on December 6, 2022, ordered Deposit Money Banks (DMOs) and other financial institutions to ensure that weekly over-the-counter (OTC) cash withdrawals by individuals and corporate entities do not exceed N100,000 and N500,000, respectively.

It had also pegged maximum daily withdrawals via Automated Teller Machines (ATMs) and Point Of Sale (PoS) terminals at N20,000 and said only denominations of N200 and below would be loaded into the ATMs.

The CBN had said the new policy was sequel to the launch of the redesigned N200, N500 and N1,000 notes by President Muhammadu Buhari on November 23, 2022.

Under the reviewed Policy, individuals can only withdraw a maximum of N500, 000, while corporate organisations can withdraw N5 million cash weekly.

Also, third-party cheques above N100, 000 are no longer eligible for payment over the counter. They would subsequently be paid into bank accounts.

However, if there is a compelling reason to withdraw cash over the stipulated limits, such a request shall be subjected to three and five per cent for individuals and companies, respectively.