The Central Bank of Nigeria (CBN) has announced a new cash withdrawal limit. The apex bank announced the new regulation in a letter to all Deposit Money Banks (DMBs) and other Financial Institutions, with the regulatory directives taking effect nationwide from January 9, 2023.
The letter dated December 6, 2022, and signed by the CBN Director of Banking Supervision, Haruna B. Mustafa, informs that in line with the Cash-less Policy of the CBN, the maximum cash withdrawal over the counter by individuals and corporate organizations per week will henceforth be N100,000 and N500,000 respectively. It said withdrawals above the limits will attract processing fees of 5% and 10%, respectively.
According to the Apex bank, the maximum cash withdrawal per week via ATMs will be N100,000 – subject to a maximum of N20,000 cash withdrawal per day. It also said only denominations of N200 and below will be loaded into the ATMs.
It added that third-party cheques above N50,000 will not be eligible for payment over the counter, while extant limits of N10,000,000 on clearing cheques still subsist.