The Deposit Money Banks (DMOs) and other financial institutions have been directed by the Central Bank of Nigeria (CBN) to guarantee that weekly over-the-counter (OTC) cash withdrawals by both private people and corporate entities do not exceed N100,000 and N500,000, respectively.
The apex bank said the regulatory directions go into effect countrywide on January 9, 2023 in a circular released on Tuesday, December 06, 2022 and signed by Haruna Mustafa, CBN Director of Banking Supervision.
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The CBN also set a N20,000 daily maximum withdrawal limit for PoS terminals.
“The maximum cash withdrawal per week via Automatic 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 bank also said, adding that the new policy is sequel to the launch of the redesigned N200, N500 and N1,000 notes by President Muhammadu Buhari on November 23, 2022.
Read the entire circular from CBN here:
