CBN’s cash withdrawal policy takes effect today



The Central Bank of Nigeria’s new policy regulating cash withdrawals becomes effective today, January 9.

The bank has fixed December last year deposit money banks, DMOs, and other financial institutions to ensure that daily over-the-counter cash withdrawals by individuals and corporate entities in a day does not exceed N100, 000 and N1, 000, 000, respectively.

This makes weekly cash withdrawal N500, 000 for individuals and N5m for corporate firms.

The bank added that individuals or organizations that have a compelling need to withdraw above the approved limits to transact legitimate businesses will have to pay a processing fee of three per cent and five per cent respectively.

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. Also required for such transactions, according to the apex bank, is a written approval by the chief executive officer of the institution authorizing the withdrawal.

It had also pegged maximum daily withdrawals via Automated Teller Machines ATMs and Point Of Sale, PoS terminals at N100, 000.

The bank said the new policy was sequel to the launch of the redesigned N200, N500 and N1, 000 notes by President Muhammadu Buhari on November 23, 2022.

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