Nigeria: Cash Withdrawal Limit Policy begins on Monday

Pres. Buhari unveils New Naira Notes
CBN Unveils New Naira Notes

Sequel to the directive from the Central Bank of Nigeria, the restriction policy on daily cash withdrawal takes off across the country today, Monday, January 9.

Recall that the CBN ordered Deposit Money Banks not to pay customers making over-the-counter withdprawals of new naira notes again.

Instead, the apex bank directed the banks to load their Automated Teller Machines with only new notes to ensure that the currency circulates across the nation ahead of the January 31, 2023 deadline when the old notes will no longer be legal tender.

According to reports, the apex bank gave the banks the instruction on Wednesday and directed that implementation start right away.

The banks protested that there wasn’t enough of the new notes available, so they loaded their ATMs with the old ones as of Friday, failing to comply with the instruction.

With this new development, the maximum weekly limit for cash withdrawals by individuals and corporate organizations combined across all channels is N500,000 and N5,000,000, respectively. A processing fee of 3% or 5% will be charged to people or organizations who have a compelling need to withdraw more money than the permitted limits in order to conduct legitimate businesses.

The financial institutions are also expected to obtain the following information from the customer, at the minimum, and upload same on the CBN portal created for the purpose: Valid means of identification of the payee (National ID, International Passport, or Driver’s License); Bank Verification Number of the payee; Tax Identification Number of both the payee and the payer; Approval in writing by the Managing Director/Chief Executive Officer of the financial institution authorising the withdrawal.


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