The Central Bank Of Nigeria has issued a revised cash withdrawal policy limiting the maximum withdrawal over the counter (OTC ) henceforth by individuals and corporate organisations per week to #100,000 and #500,000 respectively. Any cash withdrawals above #100,000 and #500,000 will attract 5 per cent and 10 per cent, as a measure towards implementing the new naira redisign policy. This was contained in a Circular reference BSD/ DIR/PUB/ LAB/ 05/069 dated 6th of December, 2022 and signed by CBN’s Director Of Banking Supervision Mustapha who directed all deposits money banks, other financial institutions, primary mortgage banks and micro finance banks to note and comply with the new policy directives and is also in line with the cashless policy of the Central Bank Of Nigeria. He further stated that a third party cheque above #50,000 will not be eligible for payment over the counter and that maximum daily Automated Teller Machine ATM withdrawal shall be #20,000 and that the Automated Teller Machine ATM Will dispense#200 and below denominations henceforth. He added that the maximum via Point Of Sales POS terminal will be #20,000. The apex bank said extant limits of #10,000,000 on clearing cheques still subsist, the maximum withdrawal per week via ATM shall be #100,000 subject to a maximum of #20,000 cash withdrawals per day, where cash withdrawals above the prescribed limits are required for legitimate purposes, such withdrawals shall not exceed #5,000,000 and #10,000,000 for individuals and corporate organisations and that aiding and abetting to circumvent this policy will attract severe sanctions. The regulatory policy directives takes effect nationwide from January 9, 2023. The Central Bank Of Nigeria CBN had on October 26th, 2022 made known it’s plan to redisign 200, 500,1000 naira denominations and gave December 15, 2022 as the to start the circulation of the new notes, while it plan to stop the usage of the old notes from January 31st, 2023.
NAIRA REDISIGN : CBN LIMITS WEEKLY CASH WITHDRAWAL TO # 100,000 AND 500,000
