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  The Central Bank of Nigeria (CBN) has announced a new policy that requires deposit money banks and other financial institutions to ensure that over-the-counter cash withdrawals by individuals and corporate entities do not exceed N100, 000 and N500, 000, respectively, per week.
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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:
  1. N100,000 and N500,000 weekly limit for personal and corporate accounts respectively.
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  1. Amounts above that limit attract a 5% and 10% processing charge respectively.
  1. The maximum withdrawal limit from ATM becomes N20,000 daily and N100,000 weekly.
  1. Only N200 notes will be loaded into the ATM.
  1. Maximum withdrawal via POS becomes N20,000 daily.
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  1. 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).
Effective January 9, 2023 Featured Image Source: The Heritage Times
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This article was first published on 9th December 2022

nnaemeka-emmanuel

Nnaemeka is an academic scholar with a degree in History and International Studies from the University of Nigeria, Nsukka. He is also a creative writer, content creator, storyteller, and social analyst.

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