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CBN limits cash withdrawals to N100,000 per week



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Central Bank

The Central Bank of Nigeria has imposed a limit on cash withdrawals in the country, a move to promote its cashless policy.

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The CBN has restricted over-the-counter cash withdrawals for individuals to N100,000 per week and N500,000 per week for businesses.

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The main bank disclosed this in a circular with reference number BSD/DIR/PUB/LAB/015/069 addressed to banks and other financial institutions dated December 6, 2022 and obtained by THE WHISTLER.

Depository Money Banks

The circular is titled ‘Letter to all Depository Money Banks (DMBS) and other financial institutions (Payment Service Banks (PSB), Primary Mortgage Banks (PMB) and Microfinance Banks (MFB):
Naira Redesign Policy — Revised Cash Withdrawal Limits.’

According to the main bank, withdrawals over the limits attract a processing fee of five percent for individuals and 10 percent for businesses.

N500 and N200

The development comes two weeks after the bank unveiled its newly redesigned N1,000, N500 and N200 notes on November 23, 2022.

The bank had lamented in October that 85 percent of money in circulation is not in bank vaults and is hoarded by the public.

President of the Federal Republic of Nigeria

The CBN said: “In addition to the launch of the redesigned Naira notes by the President of the Federal Republic of Nigeria, on Wednesday 23 November 2022 and in line with the CBN’s cashless policy, all deposit money banks ( DMB) ) and other financial institutions (OFIS) are ordered to take note and comply with the following:

“The maximum over-the-counter (OTC) cash withdrawal by individuals and corporate organizations per week will henceforth be N100,000 and N500,000 respectively. Withdrawals above these limits will attract processing fees of five percent and 10 percent, respectively.

“Third party checks above N50,000 will not be eligible for cash pickup, while the existing limits of N10,000,000 on Gearing checks still remain.

“The maximum cash withdrawal per week through Automat. The ATM will be N100,000 subject to a maximum of N20,000 cash withdrawals per day.

“Only denominations of N200 and below will be charged at ATMs. The maximum cash withdrawal through the point of sale (PoS) terminal will be N20,000 per day.

“In exigent circumstances, not to exceed once a month, when cash withdrawals in excess of prescribed limits are required for legitimate purposes. such cash withdrawals will not exceed N5,000,000 00 and N10,000,000.00 for individuals and corporate organizations, respectively, and will be subject to the processing fees mentioned in (1) above, in addition to enhanced due diligence requirements and further information.” .

The CBN noted that clients will need to obtain a valid form of identification.

Bank Verification Number

Others will be the Bank Verification Number of the beneficiary, the client’s Notarial statement of the purpose of the cash withdrawal.

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