The Central Bank of Nigeria (CBN) has order Deposit Money Banks (DMOs) and even other financial institutions to make sure that weekly over-the counter (OTC) cash withdrawals by individuals and corporate entities should not exceed or pass N100,000 and N500,000, respectively.
The CBN gives these information inside one circular that the CBN Director of Banking Supervision, Haruna Mustafa sign on Tuesday, 6 December, 2022.
The apex bank has said that regulatory directives will take effects nationwide from January 9, 2023.
And also the CBN further fix daily maximum withdrawals via point of sale (PoS) terminal at N20,000 withdrawal.
Inside the circular thy added that it was only N200 and lower denominations banks that can only load put for their ATM.
The mean purpose of the letter
The circular makes us how it line with the cashless policy of the CBN, all deposit money banks and others financial institutions hereby is directed to note and comply with the following:
1. “But the maximum cash withdrawal over the counter by individuals and corporate organisations per week will henceforth be N100,000 and N500,000 respectively. Withdrawals above dis limits go attract processing fees of 5% and 10%, respectively.
2. “The third-party cheques that is above N50,000 is not longer eligible for payment over the counter, while extant limits of N10,000,000 on clearing cheques is the standard.
3. “And the maximum cash withdrawal per week for Automated Teller Machine will be N100,000 but it was subject to maximum of N20,000 cash withdrawal per day.
4. “It was only denominations of N200 and below shall allowed to loaded for ATMs.
5. “But the maximum cash withdrawal for the point of sale terminal is N20,000 daily.”
The CBN comes out and explain such kind of situation that was compulsory:
It should once in one month.
Any cash withdrawals that pass the prescribed limits will required for legitimate purposes.
Though that such cash withdrawals can’t pass N5,000,000.00 and N10,000,000.00 for individuals and corporate organisations, respectively.
Because it will be subject to the referenced processing fees for (1) above.
And also thy should follow the due diligence and garther further information requirements, CBN said.