Central Bank of Nigeria (CBN) has announced a new policy on over-the-counter withdrawals, effective 9th January, next year.
The apex bank has mandated 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.
The revised cash withdrawal limits, contained in a circular issued on Tuesday by the CBN.
After the policy takes effect, all cash withdrawals in excess of the stated limits will attract processing fees of five percent and 10 percent respectively.
The new policy is coming barely weeks after President Muhammadu Buhari launched the newly redesigned N200, N500, and N1000 banknotes.
- N100,000 and N500,000 weekly limit for personal and corporate accounts.
- Amounts over that limit attract a 5% and 10% processing charge respectively.
- Maximum withdrawal limit from ATM is N20,000 daily and N100,000 weekly.
- Only N200 notes will be loaded into the ATM.
- Maximum withdrawal via POS is N20,000 daily.
- In exceptional cases and not more than once a month, the amounts of N5m and N10m for personal and corporate accounts can be accessed. This will require approvals and payments of all effective charges (5% and 10% respectively).