:<\/p>\n
1. The maximum cash withdrawal over the
\ncounter (OTC) by individuals and corporate
\norganizations per week shall henceforth be
\nN100,000 and N500,000 respectively.
\nWithdrawals above these limits shall attract
\nprocessing fees of 5% and 10%, respectively.<\/p>\n
2. Third party cheques above N50,000 shall not
\nbe eligible for payment over the counter, while
\nextant limits of N10,000,000 on clearing
\ncheques still subsist.<\/p>\n
3. The maximum cash withdrawal per week via
\nAutomated Teller Machine (ATM) shall be
\nN100,000 subject to a maximum of N20,000
\ncash withdrawal per day.<\/p>\n
4. Only denominations of N200 and below shall
\nbe loaded into the ATMs.<\/p>\n
5. The maximum cash withdrawal via point of
\nsale (PoS) terminal shall be H20,000 daily.<\/p>\n
6. In compelling circumstances, not exceeding
\nonce a month, where cash withdrawals above
\nthe prescribed limits is required for legitimate
\npurposes, such cash withdrawals shall not
\nexceed N5,000,000.00 and $10.000.000.00 for
\nindividuals and corporate organisations,
\nrespectively, and shall be subject to the
\nreferenced processing fees in (1) above, in
\naddition to enhanced due diligence and further
\ninformation requirements.<\/p>\n
My Take: CBN wants to improve on cashless
\npolicy via internet\/mobile banking\/electronic
\ntransmissions, ensures that money remains in
\nbank vaults and discourages hoarding of
\nmoney. It’ll also help to stop the crazy people
\nthat spray and abuse naira currency in social
\nevents and gatherings.<\/p>\n","protected":false},"excerpt":{"rendered":"
: 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 […]<\/p>\n","protected":false},"author":1,"featured_media":9985,"comment_status":"open","ping_status":"open","sticky":true,"template":"","format":"standard","meta":{"footnotes":""},"categories":[28,34,36],"tags":[157,159,206,236,259,297],"class_list":{"0":"post-9984","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-economy","8":"category-finance","9":"category-government","10":"tag-cashless","11":"tag-cbn","12":"tag-currency","13":"tag-e-payment","14":"tag-emefiele","15":"tag-fintech"},"_links":{"self":[{"href":"https:\/\/techandbiz.com.ng\/wp10\/wp-json\/wp\/v2\/posts\/9984","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/techandbiz.com.ng\/wp10\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/techandbiz.com.ng\/wp10\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/techandbiz.com.ng\/wp10\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/techandbiz.com.ng\/wp10\/wp-json\/wp\/v2\/comments?post=9984"}],"version-history":[{"count":0,"href":"https:\/\/techandbiz.com.ng\/wp10\/wp-json\/wp\/v2\/posts\/9984\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/techandbiz.com.ng\/wp10\/wp-json\/wp\/v2\/media\/9985"}],"wp:attachment":[{"href":"https:\/\/techandbiz.com.ng\/wp10\/wp-json\/wp\/v2\/media?parent=9984"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/techandbiz.com.ng\/wp10\/wp-json\/wp\/v2\/categories?post=9984"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/techandbiz.com.ng\/wp10\/wp-json\/wp\/v2\/tags?post=9984"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}