KEY POINTS TO NOTE ON THE CBN REVISED CASH WITHDRAWAL LIMITS 

Did you know that the new policy of cash withdrawal limits by the CBN will take effect from Monday, January 9, 2023?

The Central Bank of Nigeria (CBN) has placed limits on over-the-counter cash withdrawals, Automated Teller Machine (ATM) withdrawals, and point of sale (PoS) withdrawals, according to the CBN’s director of banking supervision, Haruna Mustafa, in a statement on Tuesday, December 6, 2022.

Here are some key-points (KP) to note on the CBN revised cash withdrawal limits.

KP 1: Over-the-counter (OTC) cash withdrawals by individuals and corporate entities should not exceed ₦100,000 and ₦500,000, respectively, per week. Withdrawal above these limits shall attract processing fees of 5% and 10%, respectively.

KP 2: Third-party cheques above ₦50,000 would not be eligible for payment over the counter, while extant limits of ₦410,000,000 on clearing cheques still subsist.

KP 3: The maximum cash withdrawal per week via ATM should be ₦100,000 subject to a maximum of ₦420,000 cash withdrawal per day.

Kp 4: Only denominations of ₦200 and below should be loaded into the ATM machine.

KP 5: The maximum cash withdrawal from PoS terminals should be ₦20,000 daily.

KP 6: Customers are encouraged to use other alternative channels like internet banking, mobile banking apps, USSD, cards/POS, eNaira, etc. to conduct their banking transactions.

KP 7: The new policy will take effect from Monday, January 9, 2023, and added that anyone who does not adhere to the policy will face severe sanctions.

Image Credit: TheCableIndex

Source:

https://guardian.ng/news/new-naira-redesign-cbn-places-limit-on-cash-withdrawal/

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