The Nigerian Central Bank, CBN, has imposed new cash withdrawal limits on individuals and organizations.
This new development will go into effect on January 9, 2023.
Individuals will only be able to withdraw N100,000 per week (from over-the-counter, Point of Sale Machines, or Automated Teller Machines), according to a new memo signed by the Director of Banking Supervision, Haruna.B. Mustafa, while organizations will be able to withdraw N500,000 per week.
Banks have also been instructed to only load N200 and lower denominations into ATMs.
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:
“1. The maximum cash withdrawal over the counter by individuals and corporate organisations per week shall henceforth be N100,000 and N500,000 respectively. Withdrawals above these limits shall attract processing fees of 5% and 10%, respectively.
“2. 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.