Six Things To Know About CBN’s Revised Cash Withdrawal Policy

The Central Bank of Nigeria (CBN) recently imposed limits on weekly cash withdrawal from banks including from automatic teller machines (ATMs) by individuals and corporate entities in a bid to boost digital payments. The new policy comes into effect from January 9, 2023. Here are six things you need to know about the policy.

Cash withdrawals above the specified limits

 Banks are required to do due diligence and request documents such as the bank verification number (BVN) of the payee, and valid means of identification of the payee, among others.

Processing fee

Individuals will be required to pay a processing fee of five percent for cash withdrawals above the prescribed limits while organisations will pay 10 percent.

Special cash withdrawal

The “special” cash withdrawals cannot exceed N5 million and N10 million for individuals and organisations, respectively.

On monthly basis  

Once a month, the CBN says it will allow individuals and organisations to make cash withdrawals above the prescribed limits if it is required for legitimate purposes.

Available at ATMs

Only naira denominations of N200 and below will be available at ATMs.

ATM withdrawals

Cash withdrawal via automated teller machine (ATM) is limited to a maximum of N20,000 daily, while the weekly limit is N100,000.

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