CBN places high limit to cash withdrawals

The Central Bank of Nigeria (CBN) has ordered commercial banks  and other financial institutions to ensure that weekly cash withdrawals by individuals and corporate entities do through over-the-counter (OTC) do not exceed N100,000 and N500,000, respectively.

The apex bank issued this announcement on Tuesday in a circular signed by CBN Director of Banking Supervision, Haruna Mustafa.

The bank said the regulatory directives take effect nationwide from January 9, 2023.

The CBN said that the maximum withdrawals via point of sale (PoS) system is at N20,000.

“The maximum cash withdrawal per week via Automatic Teller Machine (ATM) shall be N100,000 subject to a maximum of N20,000 cash withdrawal per day.

“Only denominations of N200 and below shall be loaded into the ATMs,” the bank also said, adding that the new policy is sequel to the launch of the redesigned N200, N500 and N1,000 notes by President Muhammadu Buhari on November 23, 2022.

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