The Central Bank of Nigeria has in a recent memo signed by its Director of Banking Supervision, Haruna Mustafa directed that all banks and other financial institutions should ensure that over the counter cash withdrawals is limited to the current policy.
The new policy will limit cash withdrawals by individual to only N100,000, while for corporate entities it will be limited to N500,000 respectively per week.
This new policy which is expected to be implemented on the 9th of January 2023 is coming after the CBN has just began the distribution of its newly designed Naira notes.
Also as part of the policy, the banks have been directed to only load their ATM machines with N200 notes or lower denominations.
According the Central Bank, the earlier decision to redesign the naira Notes was in a bide to check inflation, corruption and also prevent counterfeiting of the notes.
Part of the statement reads:
Further to the launch of the redesigned naira notes by the President of the Federal Republic of Nigeria 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:
“The maximum cash withdrawal over the counter by individuals and corporate organizations per week shall henceforth be N100,000 and N500,000 respectively. Withdrawals above these limits shall attract processing fees of 5 percent and 10 percent, respectively.