Nigeria’s Central Bank imposes restrictions on cash withdrawals

Nigeria’s central bank has limited weekly over-the-counter cash withdrawals by individuals and corporations to 100,000 Naira and 500,000 Naira respectively.

This is in line with its policy to promote cashless transactions.

It comes days after the country launched new banknotes. 

In a circular, the bank fixed the maximum daily withdrawal from ATMs at 20,000 Naira with a weekly limit of 100,000 Naira.

It also directed that only denominations of 200 Naira and below be loaded on ATMs.

“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 cashless policy of the CBN, all deposit money banks and other financial institutions are hereby directed to note and comply with the following:

The maximum cash withdrawal over the counter 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 percent and 10 percent, 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,” read the circular.

The new restrictions will come into effect on 9th of January 2023.

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