CBN has set limits on POS, ATM, and over-the-counter cash withdrawals

CBN has set limits on POS, ATM, and over-the-counter cash withdrawals

In a circular issued to all deposit money banks and other financial institutions, the Central Bank of Nigeria (CBN) has issued new cash withdrawal limits on individuals and organisations, which takes effect from January 9, 2023.

Individuals will only be able to withdraw ₦‎100,000 per week (from over-the-counter, Point of Sale Machines, or Automated Teller Machines), according to the memo signed by the Director of Banking Supervision, Haruna.B. Mustafa, while organisations will be able to withdraw ₦‎500,000 per week.

In addition, banks are required to load only 200 and lower denominations into ATMs.

The memo reads, “Further to the launch of the redesigned naira notes by the President, Major General Muhammadu Buhari (retd.), on Wednesday, November 23, 2022, and in line with the cashless policy of the CBN, all deposit money banks and other financial institutions are hereby directed to note and comply with the following

  • The maximum cash withdrawal over the counter by individuals and corporate organisations per week shall henceforth be N100,000 and N500,000 respectively. Withdrawals above these limits shall attract processing fees of 5% and 10%, respectively.
  • 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.
  • Only denominations of N200 and below shall be loaded into the ATMs.
  • The maximum cash withdrawal via the point-of-sale terminal shall be N20,000 daily.
  • In compelling circumstances, not exceeding once a month, where cash withdrawals above the prescribed limits would be 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 in (1) above, in addition to enhanced due diligence and further information requirements.

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