Cash withdrawal above N100,000, N500,000 to attract 5%, 10% charges – CBN

The Central Bank of Nigeria, CBN has said that cash withdrawals above N100,000 and N500,000 will henceforth attract 5 per cent and 10 per cent, respectively, as a measure towards implementing the naira redesign policy

This was made known in a letter signed by CBN’s director of banking supervision, Haruna Mustafa, to all Deposit Money Banks, other financial institutions, primary mortgage banks and microfinance banks on Monday

He disclosed that Automated Teller Machines, ATM will dispense N200 and below denominations only from now on.

The letter reads in part; “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; 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; 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 and in compelling circumstances, not exceeding once a month, where cash withdrawals above the prescribed limits are required for legitimate purposes, such cash withdrawals shall not exceed N5,000,000 and 10,000,000 for individuals and corporate organizations,” the letter stated.