:
1. The maximum cash withdrawal over the
counter (OTC) by individuals and corporate
organizations 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.
3. The maximum cash withdrawal per week via
Automated Teller Machine (ATM) shall be
N100,000 subject to a maximum of N20,000
cash withdrawal per day.
4. Only denominations of N200 and below shall
be loaded into the ATMs.
5. The maximum cash withdrawal via point of
sale (PoS) terminal shall be H20,000 daily.
6. 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 N5,000,000.00 and $10.000.000.00 for
individuals and corporate organisations,
respectively, and shall be subject to the
referenced processing fees in (1) above, in
addition to enhanced due diligence and further
information requirements.
My Take: CBN wants to improve on cashless
policy via internet/mobile banking/electronic
transmissions, ensures that money remains in
bank vaults and discourages hoarding of
money. It’ll also help to stop the crazy people
that spray and abuse naira currency in social
events and gatherings.
 Issues New Cash Withdrawal Policy Effective January 9th, 2023){kind=link}
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