The cash withdrawal limit policy of the Central Bank of Nigeria (CBN) has come into effect today, January 9, 2023.
The policy, which was announced by the CBN on December 6, 2022, pegged daily cash withdrawal limits at N20,000 for individuals and N100,000 for corporate organisations, while weekly withdrawal limits were pegged at N100,000 for individuals and N500,000 for corporate organisations.
However, following pressure from several quarters including the National Assembly, the apex bank on December 21, 2022 reviewed the policy, raising the weekly cash withdrawal limits for individuals to N500,000 and for corporate organisations to N5 million.
“The maximum weekly limit for cash withdrawal across all channels by individuals and corporate organisations shall be N500,000 and N5,000,000, respectively,” the CBN said.
“In compelling circumstances where cash withdrawal above the limits in (1) above is required for legitimate purposes, such requests shall be subject to a processing fee of three per cent and five per cent for individuals and corporate organisations, respectively,” it said.
The CBN had also withdrawn, redesigned and reissued the N200, N500 and N1,000 banknotes. The new currency notes were launched into the banking system on December 15, 2022. However, nearly four weeks after the launch, and barely three weeks to the deadline for phasing out the old notes, there are reports of scarcity of the new notes across the country.
At the weekend, amid scarcity, the CBN directed commercial banks in the country not to pay over-the-counter customers with the new notes but only through ATMs.
