BREAKING: CBN Limits Cash Withdrawals to N100,000 Per…

The Central Bank of Nigeria has inaugurated a new policy that limits over-the-counter cash withdrawals by individuals and corporate entities to N100,000 and N500,000 per week.

The CBN announced in a directive that the new rule would go into force countrywide on January 9, 2023, Peoples Gazette disclosed.

Following the implementation of the policy, processing fees of 5% and 10%, respectively, will apply to all cash withdrawals that exceed the aforementioned limitations.

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Also, the directive noted that the maximum cash withdrawal per week via Automated Teller Machine (ATM) will be N100,000 subject to a maximum of N20,000 withdrawal per day.

In a similar vein, the maximum cash withdrawal via the Point of Sale (PoS) terminal shall be N20,000 daily.

This development comes shortly after the newly redesigned N200, N500, and N1000 banknotes were launched a couple of weeks ago.

During the launch, Godin Emefiele, CBN’s Governor stated that the redesigned notes would give the apex bank ample control over the amount of money in circulation.