The Central Bank Of Nigeria (CBN) has issued a cash withdrawal limit on individuals and organisations, which takes effect from January 9, 2023.
Individuals will only be permitted to withdraw N100,000 per week (from over-the-counter, Point of Sale Machines, or Automated Teller Machines), while organizations will be permitted to access N500,000 per week, according to a new memo to banks issued on Tuesday and signed by the Director of Banking Supervision, Haruna.B. Mustafa.
Part of the memo read, “Further to the launch of the redesigned naira notes by the President, Major General Muhammadu Buhari (retd.), on Wednesday, November 23, 2022, and in line with the cashless policy of the CBN, all deposit money banks and other financial institutions are hereby directed to note and comply with the following:
“The maximum cash withdrawal per week via Automated Teller Machine shall be N100,000 subject to a maximum of N20,000 cash withdrawal per day.
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The apex bank also ordered that, “Third-party cheques above N50,000 shall not be eligible for payment over the counter, while extant limits of N10,000,000 on clearing cheques still subsist.
“5. The maximum cash withdrawal via the point of sale terminal shall be N20,000 daily.”
“The above regulatory directives take effect nationwide from January 9, 2023. Please be guided accordingly,” the memo added.
