CBN Announces New Cash Withdrawal Limits

The Central Bank of Nigeria (CBN) has announced new cash withdrawal limits on individuals and organisations. which will become effective on January 9, 2023.Information Guide Nigeria

According to PUNCH, the memo showed, individuals, will be limited to N100,000 per week in withdrawals (through over-the-counter, point-of-sale, or automated teller machines), while businesses will be limited to N500,000 per week.

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Part of the memo reads: “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 per and 10 per, respectively.

“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.JAMB Result

“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. Only denominations of N200 and below shall be loaded into the ATMs. The maximum cash withdrawal via the point of sale terminal shall be N20,000 daily.”NYSC portal

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