CBN Cash Withdrawal Limit Begins Today

Today, Monday, January 9, the Central Bank of Nigeria’s policy limiting daily cash withdrawals becomes effective throughout the nation.

According to The PUNCH, under this arrangement, the maximum weekly limit for cash withdrawals by individuals and corporate organisations across all channels is N500,000 and N5,000,000, respectively. A processing fee of 3% or 5% will be charged to people or organisations who have a compelling need to withdraw more money than the permitted limits in order to conduct legal business.

The financial institutions are also expected to obtain the following information from the customer, at the minimum, and upload same on the CBN portal created for the purpose: Valid means of identification of the payee (National ID, International Passport, or Driver’s License); Bank Verification Number of the payee; Tax Identification Number of both the payee and the payer; Approval in writing by the Managing Director/Chief Executive Officer of the financial institution authorising the withdrawal.

The PUNCH had reported that the CBN ordered Deposit Money Banks not to pay customers making over-the-counter withdrawals of new naira notes again.

Instead, the apex bank directed the banks to load their Automated Teller Machines with only new notes to ensure that the currency circulates across the nation ahead of the January 31, 2023 deadline when the old notes will no longer be legal tender.

It was gathered that the apex bank issued the directive to the banks on Wednesday and ordered that the implementation must begin immediately.

However, as of Friday, the banks had not been able to comply with the directive as they complained of inadequate supply of the new notes, prompting them to load their ATMs with the old notes.