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CBN cash withdrawal limit begins

Monday, January 9, the Nigerian Central Bank began restriction of daily cash withdrawals across the country.

Individuals and corporate organizations can withdraw a maximum of N500,000 and N5 million per week through this arrangement, according to the PUNCH. In order to transact legitimate businesses, individuals or organizations that need to withdraw above the approved limits will pay a processing fee of three percent and five percent, respectively.

Financial institutions must acquire the following information, at least, from their customers and upload onto the CBN portal designed exclusively for this purpose: Acceptable form of identification (National ID, International Passport, or Driver’s License); Payee Bank Verification Number; Tax Identification Number of both payee and payer; Written permission from the Managing Director/Chief Executive Officer of the financial institution approving withdrawal.

To ensure the currency circulates across the nation before the old notes become legal tender on January 31, 2023, the apex bank instructed banks to load their ATMs only with new notes.

According to reports, the apex bank issued the directive to the banks on Wednesday, ordering immediate implementation.

As of Friday, however, banks were unable to comply with the directive due to an inadequate supply of new notes, prompting them to load their ATMs with old notes instead.

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