Update: CBN reduces over-the-counter withdrawals, limits daily cash flows

The Central Bank of Nigeria (CBN) has announced a new policy that mandates deposit money banks and other financial institutions to ensure that over-the-counter cash withdrawals by individuals and corporate entities do not exceed N100, 000 and N500, 000, respectively, per week.

The revised cash withdrawal limit, contained in a circular issued today by the apex bank and will take effect nationwide on January 9, 2023.

The CBN in a Press Release signed by the Governor Godwin Emefiele, has placed embargo on daily withdrawals both over-the-counter and ATM to not above N20, 000

This means that most Nigerian’s will be forced to transact business via bank transfers and will hugely limit the flow of illegal cash within the polity.

Please find the breakdown of the policy below.

1. N100,000 and N500,000 weekly limit for personal and corporate accounts
2. Amounts over that limit attract a 5% and 10% processing charge respectively
3. Maximum withdrawal limit from ATM is N20,000 daily and N100,000 weekly
4. Only N200 notes will be loaded into the ATM
5. Maximum withdrawal via POS is N20,000 daily
6. In exceptional cases and not more than once a month, the amounts of N5m and N10m for personal and corporate accounts can be accessed. This will require approvals and payments of all effective charges (5% and 10% respectively).