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CBN limits cash withdrawal to N100,000

Central Bank of Nigeria (CBN) has pegged cash withdrawal per week for an individual to N100,000 and N500,000 for corporate organisations.

It also limited Individual Point of Sale (P0S) to N20,000 per day

This is contained in a circular by the Apex bank, dated December 6, 2022 titled “Naira Redesign Policy- Revised withdrawal”, and signed by the Director Banking Supervision, Mr. Haruna Mustafa.

Addressed to all Deposit Money Banks and other Financial Institutions, Primary Mortgage Banks and Microfinance Banks.

The bank says any withdrawal above the limit will attract a processing fee of five percent in the case of an individual and ten percent for corporate organizations.

The circular states that in compelling circumstances, such as where cash limit is required above the prescribed limit, it shall not exceed once a month and will be subject to the prescribed processing fees as appropriate.

Also, the maximum cash withdrawal per week shall be one hundred thousand naira, at no more than twenty thousand naira per day, the same limit for withdrawal through Point of sale terminal, POS.

The highest denomination of currency to be loaded into ATMs shall be two hundred naira.

The circular adds that third party cheques above fifty thousand naira shall not be honoured but that extant limit of ten million naira for clearing cheques still subsists.

It encourages members of the public to make use of alternative sources of payments such as mobile and internet banking, USSD, the e-naira and others for their transactions.

Writing by Biodun Dare; Editing by Julian Osamoto