The Central Bank of Nigeria(CBN) has announced a new policy that will go into force nationwide on January 9, 2023. This policy limits all weekly over-the-counter cash withdrawals of individuals and corporate organizations at N100,000 and N500,000 respectively.
The daily withdrawal limit from Automated Teller Machines(ATM) and Point-of-sale(POS) is to be capped at N20,000 per person.
Processing costs of 5% per individual and 10% per corporate organization will be applied to any cash withdrawals that are made above the specified limits.
The goal of this is to persuade more Nigerians to adopt its cashless policy and conduct their financial transactions through internet banking, USSD, eNaira, and other alternate channels.
Exceptions to these withdrawal limits are provided and for eligibility, people and organizations involved need to provide
- Valid forms of identification
- A bank verification number(BVN), a notarized statement outlining the purpose for the excess cash withdrawal
- Written authorization from the bank’s CEOs
- Written consent from the Managing Directors for drawees withdrawing on behalf of businesses
