Thursday, February 22, 2024
Home Business CBN Limits Cash Withdrawals to N100k, N500k weekly for Individuals, Companies

CBN Limits Cash Withdrawals to N100k, N500k weekly for Individuals, Companies

by Our Reporter
1 comment

The Central Bank of Nigeria (CBN) has announced a new policy that mandates deposit money banks and other financial institutions to ensure that over-the-counter cash withdrawals by individuals and corporate entities do not exceed N100, 000 and N500, 000, respectively, per week.

 

According to a new memo to banks issued on Tuesday and signed by the Director of Banking Supervision, Haruna .B. Mustafa, individuals will only be able to withdraw N100,000 per week ( from over the counter, Point of Sale Machines or the Automated Teller Machines), while organisation can access N500,000 per week.

Banks have also been directed to load only N200 and lower denominations into their ATM.

 

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.

You may also like

1 comment

Family Rejects Old Naira Notes As Bride Price - The Drum Reporters January 24, 2023 - 10:23 am

[…] READ CBN Limits Cash Withdrawals to N100k, N500k weekly for Individuals, Companies […]

Reply

Leave a Comment

About Us

The Drum Reporter is a leading online news platform with interest cutting across news, politics, sports and current affairs.

Editor' Picks

Follow Us

The Drum Reporter, A Media Company 2023 All Right Reserved. Designed and Developed by ERICLAFIA