The Central Bank of Nigeria has imposed fresh cash withdrawal limits on individuals and organisations, effective on January 9, 2023.
The apex bank made this known on Tuesday in a circular signed by CBN Director of Banking Supervision, Haruna Mustafa.
According to the circular, 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.
The memo read, “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 per and 10 per, respectively.
“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.
“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. Only denominations of N200 and below shall be loaded into the ATMs. The maximum cash withdrawal via the point of sale terminal shall be N20,000 daily.”
There is however an exemption that allows up to N5m for individuals and N10m for corporate organisations once a month with certain requirements.
The CBN warned banks that any bank that would aid and abet the circumvention of this policy will attract severe sanctions.