The Central Bank Of Nigeria (CBN), has set a new withdrawal limit of 100,000 naira for private individuals and 500,000 naira for corporations.
The directive affects all monies withdraw via POS machines, over the counter or from ATMs.
The new limit will kick off from from January 9, 2023.
The information was disclosed via a memo to banks on Tuesday and signed by the Director of Banking Supervision, Haruna .B. Mustafa.
Banks have also been directed to load only N200 and lower denominations into their ATM.
The memo reads:
“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.
“2. 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.
“4. Only denominations of N200 and below shall be loaded into the ATMs.
“5. The maximum cash withdrawal via the point of sale terminal shall be N20,000 daily.”
See memo below