The Central Bank of Nigeria (CBN) has set N100,000 as the maximum limit for weekly cash withdrawal over the counter by individuals.
CBN also set N500,000 as the maximum withdrawal by organisations with effect from January 9, 2023.
The apex bank made this known via a memo signed by the Director of Banking Supervision, CBN, Haruna Mustafa, on Tuesday.
Withdrawal at POS terminals was also limited to N20,000 per day.
The CBN noted that cash withdrawals above the stated limit will attract a processing fee of 5 per cent for individuals and 10 per cent for organisations.
The memo read: “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 (OFIs) are hereby directed to note and comply with the following:
“Further to (6) above, you are required to obtain the following information at the minimum and upload same on the CBN portal created for the purpose,” the CBN noted.
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