The Central Bank Of Nigeria has imposed fresh cash
withdrawal limits on individuals and organisations, which takes effect from
January 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 organisations can
access N500,000 per week.
Banks have also been directed to load only N200 and lower
denominations into their ATM.
The memo read, “Further to the launch of the redesigned
naira notes by the President, Major General Muhammadu Buhari (retd.), on
Wednesday, November 23, 2022, and in line with the cashless policy of the CBN,
all deposit money banks and other financial institutions are hereby directed to
note and comply with the following:
“1. The maximum cash withdrawal over the counter by
individuals and corporate organisations per week shall henceforth be N100,000
and N500,000 respectively. Withdrawals above these limits shall attract
processing fees of 5% and 10%, respectively.
“2. Third-party cheques above N50,000 shall not be eligible
for payment over the counter, while extant limits of N10,000,000 on clearing
cheques still subsist.
“3. The maximum cash withdrawal per week via Automated
Teller Machine shall be N100,000 subject to a maximum of N20,000 cash
withdrawal per day.
“4. Only
denominations of N200 and below shall be loaded into the ATMs.
“5. The maximum cash withdrawal via the point of sale
terminal shall be N20,000 daily.”
The CBN said in
compelling circumstances, not exceeding once a month, where cash withdrawals
above the prescribed limits would be required for legitimate purposes, such
cash withdrawals shall not exceed N5,000,000.00 and N10,000,000.00 for
individuals and corporate organisations, respectively, and shall be subject to
the referenced processing fees in (1) above, in addition to enhanced due
diligence and further information requirements.
It also said banks were required to obtain the following
information at the minimum and upload same on the CBN portal created for the
purpose:
“a. Valid means of identification of the payee (National
Identity Card, International Passport, Drivers License.). b. Bank Verification
Number of the payee. c. Notarised customer declaration of the purpose of the
cash withdrawal. d. Senior management approval for the withdrawal by the
Managing Director of the drawee, where applicable. e. Approval in writing by
the MD/CEO of the bank authorising the withdrawal.
“Please further note the following: i. Monthly returns on
cash withdrawal transactions above the specified limits should be rendered to
the Banking Supervision Department. ii. Compliance with extant AMUCFT regulations
relating to the KYC, ongoing customer due diligence and suspicious transaction
reporting etc., is required in all circumstances. iii. Customers should be
encouraged to use alternative channels (internet banking, mobile banking apps,
USSD, cards/POS. eNaira, etc.) to conduct their banking transactions.
“Finally, please note that aiding and abetting the
circumvention of this policy will attract severe sanctions.
“The above regulatory directives take effect nationwide from
January 9, 2023. Please be guided accordingly,” the memo added.
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ReplyDeleteThis is a serious wahala.....
Useless policies that will cripple the economy #100k that is not up to $120?
ReplyDeleteIs that d solution to dollar and high rate of foods in the market?
ReplyDeleteBoohary's government is evil to the core !
ReplyDelete