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CBN Limits Cash Withdrawal To ₦100K Per Week

CBN Limits Cash Withdrawal To ₦100K Per Week 

The apex bank has demanded the return of old naira notes and has started issuing new ones.

By Omotayo Olutekunbi

New currency withdrawal restrictions have been issued by the Central Bank of Nigeria as a follow-up measure to the Naira Redesign Policy.

Haruna B. Mustapha, the CBN’s Supervising Director, revealed in a statement seen by Pulse Thereafter, the weekly maximums for cash withdrawals made over the counter (OTC) by both private persons and business entities will be 100,000 and 500,000, respectively.

He continued by saying that withdrawals exceeding these thresholds will incur processing costs of 5 and 10%, respectively.

 “Third-party cheques above 50,000 shall not be eligible for payment over the counter, while extant limits of 10,000,000 on clearing cheques still subsist.

“The maximum cash withdrawal per week via Automated Teller Machine (ATM) shall be 100,000 subject to a maximum of 20,000 cash withdrawal per day.

“Only denominations of 200 and below shall be loaded into the ATMs.

“The maximum cash withdrawal via point of sale (POS) terminal shall be 20,000 daily”

“In compelling circumstances, not exceeding once a month, where cash withdrawals above the prescribed limits are required for legitimate purposes, such cash withdrawals shall not exceed 5,000,000.00 and 10,000,000.00 for individuals and corporate organizations, respectively, and shall be subject to the referenced processing fees in addition to enhanced due diligence and further information requirements.

“The above regulatory directives take effect nationwide from January 9, 2023.”

The apex bank has demanded the return of old naira notes and has started issuing new ones.

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