WED. 07 DEC, 2022-theGBJournal| The Central Bank of Nigeria (CBN) Tuesday announced sweeping changes to its cash withdrawal policy, pegging limits of withdrawal for corporates and individauls at both the Automated Teller Machine (ATM) and over the counter (OTC).
The new policy limits maximum cash withdrawal over the counter (OTC) by individuals and corporate organisations per week to N100, 000 and N500, 000 respectively.
”Withdrawals above these limits shall attract processing fees of 5% and 10% respectively,” the CBN said.
Likewise, the maximum cash withdrawal per week via the Automated Teller Machine (ATM) has been pegged to N100,000 subject to a maximum of N20,000 cash withdrawal per day. The CBN directed that only N200 and below shall be loaded into the ATMs.
At the point of sale (PoS), individuals can now only withdraw as much as N20,000 daily.
The new policy also outlawed third-party cheques above N50,000 to be paid over the counter while extant limits of N10,000 on clearing cheques still subsist.
”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 N10, 000, 000.00 for individuals and corporate organisations, respectively, and shall be subject to the referenced processing fees of 5% and 10% respectively,” the CBN said.
The new cash withdrawal limit policy takes effect from 9 January 2023.
Twitter-@theGBJournal|Facebook-The Government and Business Journal|email:gbj@govbusinessjournal.ng|govandbusinessj@gmail.com
