The Central Bank of Nigeria (CBN) has revised it’s policy on cash withdrawals to a maximum of N500,000 per week accross all channels for individuals.
Recall the CBN had earlier pegged cash withdrawals at over the counter to N100,000 per week and POS, N20,000.
In a letter to all deposit money banks and other financial institutions, payment service banks (PBS), primary mortgage banks,.mobile money operators and agents, dated 21st December, 2022, said the review is based on feedback received from stakeholders.
The CBN in the letter signed by Haruna Mustafa, the Director Banking Supervision Department, CBN, noted that “the maximum weekly limit for cash withdrawal across ali channels by individuals and corporate organizations shall be N500,000.00 and N5,000,000.00 respectively.”
It said “In compelling circumstances where cash withdrawal above the limits above Is required for legitimate purposes, such requests shall be subject to a processing fee of 3% and 5% for individuals and corporate organizations, respectively.”
The circular indicated that further to the above, the financial institution shall obtain the following information from the customer, at the minimum, and upload same on the CBN portal created for the purpose:
The circular further stated that a valid means of identification must to collected from the customer, tax identification number, BVN, and a written approval from the MD/CEO of the financial institution authorising the withdrawal.
The circular also said third party cheques above N100,000 shall not be eligible for payment over the
counter, while the extant limit of N10 million on cleaning cheques still subsist.
