CBN Sets Weekly Cash Withdrawal Limits of N100k for Individuals, N500k for Businesses

Professor Benedict Okey Oramah - Afriexim

New cash withdrawal restrictions have been set by the Central Bank of Nigeria, and they go into effect on January 9, 2023.

Individuals will only be permitted to withdraw N100,000 per week (from ATMs, Point of Sale machines, or over the counter), according to a new memo to banks sent out on Tuesday and signed by the Director of Banking Supervision, Haruna B. Mustafa. Organizations will be permitted to access N500,000 per week.

Additionally, banks have been told to only load N200 and lesser denominations into their ATMs.

The memo read, “Further to the launch of the redesigned naira notes by the President, Major General Muhammadu Buhari (retd.), on Wednesday, November 23, 2022, and in line with the cashless policy of the CBN, all deposit money banks and other financial institutions are hereby directed to note and comply with the following:

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

“2. Third-party cheques above N50,000 shall not be eligible for payment over the counter, while extant limits of N10,000,000 on clearing cheques still subsist.

“3. The maximum cash withdrawal per week via Automated Teller Machine shall be N100,000 subject to a maximum of N20,000 cash withdrawal per day.

Department. ii. Compliance with extant AMUCFT regulations relating to the 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 conduct their banking transactions.