Nigerians have started to react to the new policy of the Central Bank Of Nigeria, CBN as it has imposed fresh cash withdrawal limits on individuals and organisations.
Implementation of the CBN’s new policy of Cash Withdrawals limit is set to begin From Jan 9, 2023.
According to a new memo to banks issued on Tuesday and signed by the Director of Banking Supervision, Haruna .B. Mustafa, individuals will only be able to withdraw N100,000 per week ( from over-the-counter, Point of Sale Machines or the Automated Teller Machines), while the organisation can access N500,000 per week.
Banks have also been directed to load only N200 and lower denominations into their ATM.
*Highlights of the new CBN policy*
Only N200 or fewer denominations would be dispensed via ATM
Max withdrawal per week is N100k (5% fee for anything above)
Max withdrawal per week for Corporate is N500k (10% fee for anything above)
Max withdrawal via POS is N20k daily
Third-party cheques above N50k would not be honoured over the counter
Interesting times people!
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