The Central Bank of Nigeria (CBN) has limited weekly cash withdrawals over the counter to N100,000 for individuals and N500,000 for organisations regardless of their size.
This is according to a new memo to banks issued on Tuesday, December 6, 2022, signed by the Director of Banking Supervision, Haruna .B. Mustafa.
According to the memo, withdrawal at POS terminals has also been limited to N20,000 per day. The directive will take effect from January 9, 2023.
The directive comes as the CBN prepares to effect a change of naira notes in circulation starting next week, precisely on December 15, 2022.
The memo read, “Further to the launch of the redesigned naira notes by the President, Muhammadu Buhari on Wednesday, November 23, 2022, and in line with the cashless policy of the CBN, all deposit money banks and other financial institutions are hereby directed to note and comply with the following:
“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.”
“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.”