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What to Know About Central Bank of Nigeria’s New Policy Limiting Cash Withdrawals
February 20, 2023 CAFEi News
In a bid to further drive financial inclusion in Nigeria, the Central Bank of Nigeria has announced the redesigning of the Naira and also introduced limits to individual and Corporate cash withdrawals in the country. This announcement was disclosed in a circular no. BSD/DIR/PUB/LAB/015/069 from the Bank.
Implication for You!
- The weekly over-the-counter (OTC) cash withdrawals by individuals and corporate entities must not exceed ₦100,000 and ₦500,000 respectively. Exceeding these limits will attract 5% and 10% processing fees respectively from your financial institution.
- The daily maximum withdrawals via point of sale (PoS) terminals will be limited to ₦20,000.
- Only ₦200 notes and lower denominations notes will be loaded into ATMs for customers to access.
- The weekly maximum withdrawals via ATMs will be limited to ₦100,000, subject to a minimum of ₦20,000 cash withdrawal per day.
- Third-party cheques above ₦50,000 will not be eligible for payment over the counter.
- An exception of ₦5,000,000 and ₦10,000,000 for individuals and corporate organisations respectively will be processed subject to the processing fees stated above, due diligence and further information requirements.
The Central Bank of Nigeria is encouraging residents of Nigeria to use alternative channels (internet banking, mobile banking apps, USSD, cards/PoS, eNaira, etc.) to conduct their banking transactions moving forward.