CBN raises the amount of cash you can withdraw. The CBN, or Central Bank of Nigeria, has lifted the weekly withdrawal restrictions for individuals to N500,000 and the limits for corporations to N5 million.
Prior restrictions capped weekly cash withdrawals for individuals at N100,000 and businesses at N500,000.
The revised policy’s evaluated restrictions were published in circular BSD/DIR/PUB/LAB/015/073 on December 21, 2022.
Mr. Haruna Mustapha’s memo as Director of Banking Supervision’s circular.
If you need to make a larger withdrawal than the CBN allows, you must get written permission from the bank’s Managing Director.
In addition, any Third Party Cheques valued above N1 million will be ineligible for ATM withdrawal.
The central bank threatened harsh punishment for any financial institution that colluded with its clients to break the policy.
The new regulation will be in force as of midnight, January 9, 2023.
Based on comments from interested parties, the CBN has revised its previous circular on the topic (document reference: BSD/DIRIPUB/LAB/015/069) as follows:
“The maximum weekly restriction for withdrawing cash across all platforms by individuals shall be N500,000, and the maximum weekly limitation for cash withdrawal by corporate organizations shall be N5,000,000.
You’ll have to pay a charge if you need to withdraw more money than what is allowed in (1) above. That price is 3% for individuals and 5% for businesses.
After obtaining the customer’s consent as described in (2) above, financial institutions must also collect the following data and submit it to a special CBN portal.
Payee’s valid form of identity (national ID, international passport, or driver’s license); Payee’s Bank Verification Number (BVN); Payer’s and Payee’s Tax Identification Numbers (TINs); The withdrawal must be approved in advance by the bank’s managing director or chief executive officer.
The Central Bank of Nigeria (CBN) acknowledges the importance of cash in assisting underprivileged and rural populations and will take a holistic approach to implement the transition to a cashless society.
Any financial institution or other financial institution (OFl) that is found to be complicit in the circumvention of this regulation will face harsh penalties.
The orders mentioned above replace the ones issued on December 6, 2022, and go into force on January 9, 2023, across the country.