The Central Bank Of Nigeria (CBN) has imposed fresh cash withdrawal limits on individuals and organisations, which takes effect from January 9, 2023.
This was contained in a memo issued on Tuesday and signed by the Director of Banking Supervision, Haruna .B. Mustafa, to all banks.
According to the memo, individuals will only be able to withdraw N100,000 per week (from over-the-counter, Point of Sale Machines or Automated Teller Machines), while organisations can access N500,000 per week.
Banks have also been directed to load only N200 and lower denominations into their ATM.
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The memo reads: “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.”
“6. In compelling circumstances, not exceeding once a month, where cash withdrawals above the prescribed limits is required for legitimate purposes, such cash withdrawals shall not exceed #5,000,000.00 and N10,000,000.00 for individuals and corporate organisations, respectively, and shall be subject to the referenced processing fees in (1) above, in addition to enhanced due diligence and further information requirements.”
Further to (6) above, you are required to obtain the following information at the minimum and upload same on the CBN portal created for the purpose.
- Valid means of identification.
- Bank verification number (BVN)
- Notarised declaration by the customer stating the reason for the excess cash withdrawal.
- Written approval by the Managing Directors for drawees withdrawing on behalf of companies.
- The CEOs of banks must authorise such withdrawals in writing.