Naira Redesign: CBN limits cash withdrawals to N100, 000 weekly

*Makes N200 highest ATM denomination

Citing the launch of the redesigned naira notes and its efforts to boost the cashless policy, the Central Bank of Nigeria (CBN) has imposed fresh cash withdrawal limits on individuals and organisations.

The apex bank, in a letter Tuesday to banks and Other Financial Institutions (OFIs)-Payment Service Banks (PSBs), Primary Mortgage Banks (PMBs) and Micro-Finance Banks (MFBs) yesterday and signed by its Director of Banking Supervision, Mr. Haruna Mustafa, said that with effect from January 9, 2023, the maximum cash withdrawal over the counter by individuals and corporate organisations per week would be N100,000 and N500,000 respectively, adding that withdrawals above these limits would attract processing fees of five per cent and 10 per cent respectively.

It further stated that maximum cash withdrawal per week via Automated Teller Machines (ATMs), from January 9, would be N100, 000 subject to a maximum of N20, 000 cash withdrawal per day.

The apex bank also directed banks to load only N200 and lower denominations into their ATMs.

In addition, the CBN announced that maximum cash withdrawal via Point of Sales (PoS) terminals), from January 9, will also be N20, 000 daily.

Similarly, the apex bank stated that third-party cheques above N50, 000 will not be eligible for payment over the counter, adding that existing limits of N10, 000,000 on clearing cheques still subsist.

However, the regulator said: “In compelling circumstances, not exceeding once a month, where cash withdrawals above the prescribed limits is required for legitimate purposes, such cash withdrawals shall not exceed N5, 000,000 and N10, 000,000 for individuals and corporate organisations, respectively, and shall be subject to the referenced processing fees above, in addition to enhanced due diligence and further information requirements.”

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