The Central Bank of Nigeria due to much pressure has increased the maximum weekly limit for cash withdrawals across all channels by individuals and corporate organisations to #500,000 and #5 million respectively. The directives is contained in a Circular issued by the highest bank in the land yesterday and signed by the director of banking supervision department, Haruna Mustapha. This comes two weeks after the Central Bank of Nigeria -CBN reduced the weekly over – the – counter cash withdrawal limit for Individuals to #100,000 and that of Corporate organisations to #500,000. The apex bank also reduced withdrawals at the Automated Teller Machine ( ATM) and Point Of Sales (POS) terminals to #20,000 daily. The policy generated mixed reactions among Nigerians with House of Representatives wading into the matter. In the Wednesday circular CBN said it made the upward review based on feedback received from stakeholders. The Central Bank of Nigeria hereby makes the following reviews ( 1) the maximum weekly limit for cash withdrawals across all channels by individuals and Corporate organisations shall be #500,000 and #5,000,000.00 the circular reads. In the event of Compelling Circumstances where cash withdrawal exceeds the limits required for legitimate purposes, such requests will attract a processing fee of 3 per cent and 5 per cent for individuals and corporate organisations respectively. And in such cases, the financial institutions are directed to obtain information from customer at minimum, and upload the same on the CBN portal created for the purpose. The information includes a valid means of identification of the payee ( National ID, international Passport, or Driver’s License); Bank Verification Number of the payee, Tax Identification Number (TIN) of both the payee, and the payer, and approval in writing by the MD/CEO of the financial institution authorising the withdrawal. It also said third party cheques above #100,000 shall not be eligible for payment over the counter, while the extant limit of #10 million on clearing cheques still subsist. The above directives supersede that of December 6, 2022 and take effect nationwide from January 9th 2023. The circular also stated that all banks and OFLS are to note that aiding and abetting the circumvention of this policy will attract severe sanctions.
The Central Bank of Nigeria Increases Cash withdrawal limit to #500,000 Weekly
