Connect with us

General news

CBN limits cash withdrawals to N100,000 weekly

Published

on

…to limit POS withdrawals to N20,000 daily

blogger outreach campaigns latest nigerian breaking news

Central Bank

latest nigerian breaking news

The Central Bank of Nigeria has imposed new cash withdrawal limits on individuals and organizations, effective from January 9, 2023.

latest nigerian breaking news

Director of Banking Supervision

According to a new memorandum to banks issued on Tuesday and signed by the Director of Banking Supervision, Haruna .B. Mustafa, individuals will only be able to withdraw N100,000 per week (over the counter, POS machines or ATMs), while organizations can access N500,000 per week.

Banks have also been ordered to charge only N200 and lower denominations at their ATM.

Major General Muhammadu Buhari

The memo read: “In addition to the launch of the redesigned naira banknotes by the President, Major General Muhammadu Buhari (retired), on Wednesday 23 November 2022, and in accordance with the CBN‘s cashless policy, all Deposit money banks and other financial institutions are ordered to take notice and comply with the following:

“1. The maximum over-the-counter cash withdrawal by individuals and corporate organizations per week will henceforth be N100,000 and N500,000 respectively. Withdrawals above these limits will incur 5% and 10% processing fees, respectively.

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

“3. The maximum cash withdrawal per week via an ATM will be N100,000, subject to a maximum cash withdrawal of N20,000 per day.

“4. Only denominations N200 and below will be charged at ATMs.

“5. The maximum cash withdrawal through the point of sale terminal will be N20,000 per day.”

The CBN said that in exigent circumstances, not to exceed once a month, where cash withdrawals are required above prescribed limits 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 shall be subject to the processing fees referred to in (1) above, in addition to enhanced due diligence and additional information requirements.

It also said that banks were required to obtain as a minimum the following information and upload it to the CBN portal created for the purpose:

International Passport

“a. Valid means of identification of the beneficiary (DNI, International Passport, Driver’s License.). b. Bank Verification Number of the beneficiary. C. Notarial declaration of the client of the purpose of the cash withdrawal. d. Approval of the senior management for the withdrawal by the General Director of the drawee, if applicable E. Written approval of the MD/CEO of the bank authorizing the withdrawal.

Banking Supervision Department

“Please note the following: i. Monthly returns from cash withdrawal operations above the specified limits must be submitted to the Banking Supervision Department. ii. Compliance with existing AMUCFT regulations related to KYC, ongoing customer due diligence and suspicious transaction reporting etc. is required in all circumstances. iii. Customers should be encouraged to use alternative channels (internet banking, mobile banking apps, USSD, cards/POS, eNaira, etc.) to carry out their banking transactions.

“Finally, please note that aiding and abetting the circumvention of this policy will attract severe penalties.

“The above regulatory directives will take effect nationwide from January 9, 2023. Please follow the instructions accordingly,” the memo added.

Source link

https://nnn.ng/naira-black-market-exchange-rate-today/

alfijir hausa facebook link shortner Bitchute downloader

NNN is an online news portal that publishes breaking news in around the world. Contact: editor @ nnn.ng. Disclaimer.