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CBN

06.12.2022 Featured With New CBN Policy, ATMs Will Only Dispense N200 Notes and Below. See More Regulations

Published 6th Dec, 2022

By Abimbola Abatta

As Nigerians anticipate the unveiling of the redesigned Naira notes, the Central Bank of Nigeria (CBN) has limited daily and weekly withdrawals effective from January 9, 2023.

In a circular dated December 6, the apex bank revealed that the update was in line with its cashless policy.

According to the bank, Nigerians will be unable to withdraw more than N20,000 in a day via point of sale (POS) terminals.

Also, individuals can only withdraw N100,000 over the counter in a week, while the maximum withdrawal for corporate organisations is N500,000.

“Withdrawals above these limits shall attract processing fees of 5% and 10% respectively,” CBN noted.

While weekly cash withdrawals via Automated Teller Machines (ATMs) must not exceed N100,000, bank users can only withdraw a maximum of N20,000 daily.

When withdrawing via ATMs, Nigerians will only be able to get denominations of N200 and below.

For circumstances where cash withdrawals will unavoidably exceed the restrictions, CBN approves a maximum of N5,000,000 for individuals and N10,000,000 for corporate organisations.

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Published 6th Dec, 2022

By Abimbola Abatta

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