1. Over-the-counter cash withdrawal limit is now N100,000 & N500,000 respectively per week, for individuals & corporate organisations respectively.
2. There shall be processing fees of 5% and 10% respectively for withdrawals above the set limits.
3. ATM withdrawal limit per week is N100,000 and N20,000 per day.
4. Third party cheques shall not exceed N50,000 for over the counter payments
5. Extant limits of N10,000,000 on clearing cheques still subsist.
6. ATMs will only dispense N200 and other lower denominations.
7. Maximum cash withdrawal via POS shall be N20,000 per day.
8. Subject to approval and payment of processing fees, bank customers with a compelling need can withdraw up to N5 million and N10 million, for individuals & corporate organisations respectively, not more than once a month.
9. For 8 above, banks are required to obtain documents including payee’s valid means of identification, BVN, notarised declaration for purpose of cash, senior management approval for the withdrawal by the managing director of the drawer and approval in writing by the MD of the bank authorising the withdrawal, all of which will be uploaded to CBN portal created for the purpose.
10. The policy takes effect from January 09, 2023.
