CBN new Directives: N100,000 Cash Withdrawal per Week kicks in from 9th January, 2023.
The Central Bank of Nigeria (CBN) has reduced the number of cash individuals can withdraw through the Automated Teller Machine (ATM) to a total of N100,000 a week against the usual N100,000 withdrawal per day.
This directive will be effective throughout the country from January 9, 2023. A memo was released by the Central Bank of Nigeria on Tuesday affirming that N20,000 would be the maximum amount one can withdraw using the Automated Teller Machine.
Therefore, Corporate groups, as well as individuals, will be allowed to withdraw N100,000 and N500,000 with 5%-10% charges if the amount is exceeded.
According to the directive the Central Bank of Nigeria issued, the Automated Teller Machine would only be loaded with N200 Notes and below, and Point of Sale Operators(POS) would be allowed to make N20,000 per day transactions.
Meanwhile, in times of urgent and legitimate demand for more cash, cash to be withdrawn would not exceed N5,000.000, and N10,000.000, for both corporate entities and individuals.
Corporate Organizations under such circumstances would be mandated to 5% and 10% charge accordingly, with adequate information including the customer’s purpose for withdrawing the money, the customer’s Bank Verification Number (BVN), National Identification Number, or any other means of Identification as well as a written approval by the Chief Executive Officer of the bank authorizing the transaction.
According to Apex bank, a bank that exceeds the specified withdrawal transactions will be subject to suspicion and as such, all banks are advised to follow the Central Bank directives accordingly.
