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CBN Limits Cash Withdrawals To N100K, N200 Highest ATM Denomination

CBN Limits Cash Withdrawals To N100K, N200 Highest ATM Denomination

The Central Bank of Nigeria (CBN) has imposed new cash withdrawal limits on individuals and organizations, which takes effect from January 9, 2023.

CBN ordered Deposit Money Banks (DMOs) and other financial institutions to ensure that individuals’ weekly over-the-counter (OTC) cash withdrawals are at most N100,000.

The Financial body also ordered that corporate entities must be at most N500,000.

The bank said only N200 and below would be loaded into ATMs

The apex bank made this known on Tuesday in a circular signed by CBN Director of Banking Supervision, Haruna Mustafa.

The CBN further fixed maximum daily withdrawals via the point of sale (PoS) terminal at N20,000.

The bank said only N200 and below would be loaded into ATMs

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“The maximum cash withdrawal per week via Automatic 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 bank also said, adding that the new policy is sequel to the launch of the redesigned N200, N500 and N1,000 notes by President Muhammadu Buhari on November 23, 2022.

CBN Governor Godwin Emefiele had, on October 26, 2022, announced the redesigning of the three bank notes, saying the new and existing currencies will remain legal tender and circulate together until January 31, 2023.

The apex bank believes that the redesigned notes will limit cash in circulation and therefore restricts the heinous activities of ransom-demanding kidnappers and politicians who want to rig elections.

CBN Limits Cash Withdrawals To N100K, N200 Highest ATM Denomination

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