…N500, 000 for companies
The Central Bank of Nigeria has imposed fresh cash withdrawal limits via Automated Teller Machines (ATMs) and Point Of Sale (PoS) terminalsfor individuals and organisations.
According to a new memo to banks issued yesterday and signed by the CBN’s Director of Banking Supervision, Haruna Mustafa, individuals will only be able to withdraw N100,000 per week from over-the-counter, (OTC), PoS machines or the ATMs, while organisations can access N500,000 per week.
Banks have also been directed to load only N200 and lower denominations into their ATM vending machines.
The apex bank said the regulatory directives take effect nationwide from January 9, 2023.
The CBN said the new policy is sequel to the launch of the redesigned N200, N500 and N1, 000 notes by President Muhammadu Buhari on November 23, 2022.
It directed deposit money banks (DMBs) to ensure that weekly over-the-counter (OTC) cash withdrawals by individuals and corporate entities do not exceed N100, 000 and N500, 000, respectively.
The letter, addressed to all banks and other financial institutions, said cash withdrawals above the stated limit shall attract a processing fee of 5 percent for individuals and 10 percent for corporate bodies.
