CBN reviews over-the-counter withdrawal limits in Nigeria

The Central Bank Of Nigeria has imposed fresh cash withdrawal limits on individuals and organisations, which takes effect from January 9, 2023.

According to a new memo to banks issued on Tuesday and signed by the Director of Banking Supervision, Haruna .B. Mustafa, individuals will only be able to withdraw N100,000 per week ( from over the counter, Point of Sale Machines or the Automated Teller Machines), while organisations can access N500,000 per week.

The following are the new rules:

1. N100,000 and N500,000 weekly limit for personal and corporate accounts.
2. Amounts over that limit attract a 5% and 10% processing charge respectively.
3. Maximum withdrawal limit from ATM is N20,000 daily and N100,000 weekly.
4. Only N200 notes will be loaded into the ATM.
5. Maximum withdrawal via POS is N20,000 daily.
6. In exceptional cases and not more than once a month, the amounts of N5m and N10m for personal and corporate accounts can be accessed. This will require approvals and payments of all effective charges (5% and 10% respectively).