BREAKING: CBN reduces over the counter withdrawals

CBN Reduces Over-The-Counter Withdrawals Per Week For Individuals, Companies

The Central Bank of Nigeria (CBN) has announced a new policy requiring deposit money banks and other financial institutions to ensure that individuals and corporate entities do not withdraw more than N100,000 and N500,000 per week, respectively.

The revised cash withdrawal limit, was revealed in a circular issued today by the central bank, will be implemented nationwide on January 9, 2023.

The summary of CBN New Currency Policy Effective January 9, 2023, is as follows:

Daily ATM withdrawal: #20,000

Daily POS Withdrawal: #20,000

Above #20,000: Must be done electronically

Weekly Withdrawal Limit: #100,000

Highest Denomination to be dispensed by ATM: #200 notes.

Maximum withdrawal at the Counter weekly: (Individual) #100,000

Maximum withdrawal at the Counter weekly (Corporate Organization) #500,000

Processing Fees for withdrawal above limit:

(a) Individual: 5% Processing Fee

(b) Corporate Organization: 10% Processing Fee

3rd Party Cheque above #50,000 not eligible for payment above the counter.

This new policy may be aimed at ensuring the success of the cashless economy especially as the new designs of the Naira is being circuulated, hence curb the activities of those fond of hoarding the naira that in recent time, created serious imbalances in the Nigeria economy.

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