The Central Bank of Nigeria has reviewed the limit placed on cash withdrawals by individuals and organisations upwards.
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Ahead of the ongoing distribution of the redesigned naira note, CBN announced that there would be a new policy that’ll limit over-the-counter cash withdrawal by corporate organisations and individuals to N100,000 and N500,000 for individuals, respectively, per week.
This upward review is coming days after the National Assembly requested that the bank considers adjusting the withdrawal limits.
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The new directive was communicated through a letter addressed to all banks and signed by the Director of Banking Supervision, Haruna Musafa, which now permits individuals to withdraw up to N500,000 per week and corporate entities N5 million per week.
CBN also stated that third-party cheques that are above N100,000 will not be eligible for payment over the counter, whereas the extent limit of N10 million on clearing cheques still subsists.
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According to CBN, “Monthly returns on cash withdrawal transactions above the specified limits should be rendered to the Banking Supervision, Other Financial Institutions Supervision and Payments System Management Departments as applicable.
“Compliance with extant AML/CFT regulations relating to KYC, ongoing customer due diligence, currency and suspicious transaction reporting, etc., is mandatory in all circumstances.
“Customers should be encouraged to use alternative channels (internet banking, mobile banking apps, USSD, cards/POS, eNaira, etc.) to conduct their banking transactions.”
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The CBN said the directives above will take effect nationwide from January 9, 2023.
