Connect with us
X
Categories:

News

CBN Drops ATM Withdrawal Limit To ₦‎20k/Day

Published

on

Godwin Emefiele
Share this post:

CENTRAL BANK OF NIGERIA
Banking Supervision Department Central Business District

December 6, 2022
BSD/DIR/PUB/LAB/015/069

Letter to All Deposit Money Banks (DMBS) and Other Financial Institutions (Payment Service Banks (PSBs), Primary Mortgage Banks (PMBs) and Microfinance Banks (MFBs)

NAIRA REDESIGN POLICY — REVISED CASH WITHDRAWAL LIMITS

Further to the launch of the redesigned Naira notes by the President of the Federal Republic of Nigeria, on Wednesday, November 23, 2022 and in line with the Cash-less policy of the CBN, all deposit money banks (DMBs) and other financial institutions (0F1s) are hereby directed to note and comply with the following:

1. The maximum cash withdrawal over the counter (OTC) by individuals and corporate organizations 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 110,000.000 on clearing cheques still subsist.

3. The maximum cash withdrawal per week via Automated 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 maximum cash withdrawal via point of sale (PoS) terminal shall be N20.000 daily.

6. In compelling circumstances, not exceeding once a month, where cash withdrawals above the prescribed limits is required for legitimate purposes, such cash withdrawals shall not exceed 15,000,000.00 and 110,000.000.00 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.

a. Valid means of identification of the payee (National ID, International Passport, Driver’s License).

b. Bank Verification Number (BVN) of the payee.

c. Notarized customer declaration of the purpose for 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 bark 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. Compliance with extant AML/CFT regulations relating to KYC, ongoing customer due diligence and suspicious transaction reporting etc. is required in all circumstances. 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.

HARUNA B. MUSTAFA
DIRECTOR OF BANKING SUPERVISION


Get More Stories Like This On: Facebook: @AllNaijaEntertainment, Twitter: @AllNaijaEntertainment
Expanding Living Space
Lifestyle1 month ago

Expanding Living Space: Prefabricated Workshop Building Kits for Extra Rooms

BeBe Winans
Lyrics2 months ago

BeBe Winans – It All Comes Down to Love [Lyrics]

BeBe Winans
Music2 months ago

[Music] BeBe Winans – It All Comes Down to Love

The Countdown Begins to the Tournament That Has It All
ANE Football Analytical2 months ago

AFCON 2023: A Sporting Spectacle Set to Captivate the World

Litecoin: What Makes It The Crypto Winner?
Technology3 months ago

Runny Inflation Can Drive Cryptocurrency Adoption

Black and White French Bulldog puppies Frenchie Joy
Lifestyle4 months ago

Black and White French Bulldog puppies Frenchie Joy

3 Serious Reasons to Keep Your Teenager Away From Social Media
Lifestyle4 months ago

3 Serious Reasons to Keep Your Teenager Away From Social Media

Boxing vs MMA What Makes Them So Different
Sports4 months ago

Boxing vs MMA: What Makes Them So Different

Roisea: Most Advanced Crypto Trading Platform for Bitcoin
Technology4 months ago

NFTs and Intellectual Property Rights: Shaping Creative Ownership

The Birth of a Rugby Nation South Africas Love Affair with the Sport
Sports9 months ago

The Birth of a Rugby Nation: South Africa’s Love Affair with the Sport

A Beginner's Guide to Radicle (RAD): The Future of Peer-to-Peer Development
Technology9 months ago

A Beginner’s Guide to Radicle (RAD): The Future of Peer-to-Peer Development

Analysis of Nigeria's Renewable Energy Sector: Opportunities and Challenges
Technology10 months ago

Analysis of Nigeria’s Renewable Energy Sector: Opportunities and Challenges

Casino Gaming Poker
Sports11 months ago

What Are The Various Types Of Online Slots?

Luka Modric celebrates after scoring Real Madrid's second goal against Celta Vigo.
Sports12 months ago

Luka Modric set to join Ronaldo in Saudi Arabia’s Al Nassr

WHO World Health Organization
Health12 months ago

WHO debunks claims that tuberculosis is caused by witchcraft, poison

Atiku Abubakar
News12 months ago

2023 Election: Why DSS must arrest Fani-Kayode – Atiku

PDP Logo Umbrella
News12 months ago

PDP suspends National Chairman

The Pastor Daughter Story by Miriam Edem _ ANE Story
ANE Stories12 months ago

[STORY] THE PASTOR’S DAUGHTER (Final Episode 13)

The Pastor Daughter Story by Miriam Edem _ ANE Story
ANE Stories12 months ago

[STORY] THE PASTOR’S DAUGHTER (Episode 12)

The Pastor Daughter Story by Miriam Edem _ ANE Story
ANE Stories12 months ago

[STORY] THE PASTOR’S DAUGHTER (Episode 11)

The Pastor Daughter Story by Miriam Edem _ ANE Story
ANE Stories12 months ago

[STORY] THE PASTOR’S DAUGHTER (Episode 10)

The Pastor Daughter Story by Miriam Edem _ ANE Story
ANE Stories12 months ago

[STORY] THE PASTOR’S DAUGHTER (Episode 09)

The Pastor Daughter Story by Miriam Edem _ ANE Story
ANE Stories12 months ago

[STORY] THE PASTOR’S DAUGHTER (Episode 08)

The Pastor Daughter Story by Miriam Edem _ ANE Story
ANE Stories12 months ago

[STORY] THE PASTOR’S DAUGHTER (Episode 07)

The Pastor Daughter Story by Miriam Edem _ ANE Story
ANE Stories12 months ago

[STORY] THE PASTOR’S DAUGHTER (Episode 06)

The Pastor Daughter Story by Miriam Edem _ ANE Story
ANE Stories12 months ago

[STORY] THE PASTOR’S DAUGHTER (Episode 05)

The Pastor Daughter Story by Miriam Edem _ ANE Story
ANE Stories12 months ago

[STORY] THE PASTOR’S DAUGHTER (Episode 04)

The Pastor Daughter Story by Miriam Edem _ ANE Story
ANE Stories12 months ago

[STORY] THE PASTOR’S DAUGHTER (Episode 03)

The Pastor Daughter Story by Miriam Edem _ ANE Story
ANE Stories12 months ago

[STORY] THE PASTOR’S DAUGHTER (Episode 02)

The Pastor Daughter Story by Miriam Edem _ ANE Story
ANE Stories12 months ago

[STORY] THE PASTOR’S DAUGHTER (Episode 01)

The Pastor Daughter Story by Miriam Edem _ ANE Story
ANE Stories12 months ago

[STORY] THE PASTOR’S DAUGHTER (Complete Episodes)

Papa Loves His Girls by Opeyemi Ojerinde Akintunde_ANE Stories
ANE Stories12 months ago

[STORY] PAPA LOVES HIS GIRLS (Episode 16)

Papa Loves His Girls by Opeyemi Ojerinde Akintunde_ANE Stories
ANE Stories1 year ago

[STORY] PAPA LOVES HIS GIRLS (Episode 15)

Papa Loves His Girls by Opeyemi Ojerinde Akintunde_ANE Stories
ANE Stories1 year ago

[STORY] PAPA LOVES HIS GIRLS (Episode 14)

Papa Loves His Girls by Opeyemi Ojerinde Akintunde_ANE Stories
ANE Stories1 year ago

[STORY] PAPA LOVES HIS GIRLS (Episode 13)

Papa Loves His Girls by Opeyemi Ojerinde Akintunde_ANE Stories
ANE Stories1 year ago

[STORY] PAPA LOVES HIS GIRLS (Episode 12)

Papa Loves His Girls by Opeyemi Ojerinde Akintunde_ANE Stories
ANE Stories1 year ago

[STORY] PAPA LOVES HIS GIRLS (Episode 11)

Papa Loves His Girls by Opeyemi Ojerinde Akintunde_ANE Stories
ANE Stories1 year ago

[STORY] PAPA LOVES HIS GIRLS (Episode 10)

Papa Loves His Girls by Opeyemi Ojerinde Akintunde_ANE Stories
ANE Stories1 year ago

[STORY] PAPA LOVES HIS GIRLS (Episode 09)

Papa Loves His Girls by Opeyemi Ojerinde Akintunde_ANE Stories
ANE Stories1 year ago

[STORY] PAPA LOVES HIS GIRLS (Episode 08)

ANE Billboard Hots