Central Bank of Nigeria (CBN) has pegged cash withdrawal per week for an individual to N100,000 and N500,000 for corporate organisations.It also limited Individual Point of Sale (P0S) to N20,000 per day.
Taking cash out of ATMs will be capped at ₦20,000 ($45) per day, with only ₦200 ($0.45) notes and smaller denominations being available from the machines.
In a letter to banks and other financial institutions published on Tuesday, the Central Bank of Nigeria (CBN) applied new limits on over-the-counter withdrawals at just ₦100,000 ($225) per week for individuals and ₦500,000 ($1,123) for businesses.
The new policy also outlawed third-party cheques above N50,000 to be paid over the counter while extant limits of N10,000 on clearing cheques still subsist.
In compelling circumstances, not exceeding once a month, where cash withdrawals above the prescribed limits is required for legitimate purposes, such cash withdrawals shall not exceed N5, 000, 000. 00 and N10, 000, 000.00 for individuals and corporate organisations, respectively, and shall be subject to the referenced processing fees of 5% and 10% respectively, the CBN said.
The new cash withdrawal limit policy takes effect from 9 January 2023.
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