Cash withdrawal more than N100,000, N500,000 to attract 5%, 10% charges—CBN
Pegs cash withdrawal from POS at N20, 000 daily
In a move geared towards ensuring that it achieves the implementation of the new redesign policy of the naira, the Central Bank of Nigeria, CBN, has announced a revised cash withdrawal policy, asserting that cash withdrawals above N100,000 and SN500,000 will henceforth attract 5 per cent and 10 per cent charges respectively.
Besides the country’s apex bank stated that Automated Teller Machines, ATM will henceforth dispense only N200 and below denominations.
It was gathered by TMY Newspaers.com that this directive was contained in a letter signed by the director of banking supervision at the CBN, Haruna Mustafa, to all Deposit Money Banks, other financial institutions, primary mortgage banks and microfinance banks on Monday.
In the letter referenced BSD/DIR/PUB/LAB/015/069, a third-party cheque above N50,000 will not be eligible for payment Over the counter, OTC, and maximum ATM withdrawal shall be N20,000 daily.
The CBN further noted that the maximum cash withdrawal that can be obtained through the point of sale (PoS) terminal should be N20,000 daily.
“The maximum cash withdrawal over the counter (OTC) by individuals and corporate organizations per week shall henceforth be N100,000 and N500,000, respectively.
“Withdrawals above these limits shall attract processing fees of 5% and 10%, respectively; third-party cheques above N50,000 shall not be eligible for payment over the counter, while extant limits of N10,000,000 on clearing cheques still subsist; the maximum cash withdrawal per week via Automated Teller Machine (ATM) shall be N100,000 subject to a maximum of N20,000 cash withdrawal per day; Only denominations of N200 and below shall be loaded into the ATMs; The maximum cash withdrawal via point of sale (PoS) terminal shall be N20,000 daily and in compelling circumstances, not exceeding once a month, where cash withdrawals above the prescribed limits are required for legitimate purposes, such cash withdrawals shall not exceed N5,000,000 and 10,000,000 for individuals and corporate organizations,” the letter stated.
TMY Newspapers recalls that the apex bank in the country had on October 26 disclosed its intention to redesign 200, 500 and 1000 naira denominations and it gave December 15, 2022, as the date to start circulating the new notes, while it plans to stop the usage of old naira notes from January 31, 2023.
