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According to a new memo to banks issued on Tuesday and signed by the Director of Banking Supervision, Haruna .B. Mustafa, individuals will only be able to withdraw N100,000 per week ( from over the cover-the-counter Sale Machines or the Automated Teller Machines), while organizations8 can access N500,000 per week.# Below are the highlights of the new withdrawal policy:
- N100,000 and N500,000 weekly limit for personal and corporate accounts respectively.
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- Amounts above that limit attract a 5% and 10% processing charge respectively.
- The maximum withdrawal limit from ATM becomes N20,000 daily and N100,000 weekly.
- Only N200 notes will be loaded into the ATM.
- Maximum withdrawal via POS becomes N20,000 daily.
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- In exceptional cases and not more than once a month, the amounts of N5m and N10m for personal and corporate accounts can be accessed. This will require approvals and payments of all effective charges (5% and 10% respectively).
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