CBN Introduces New Currency Policy, Pegs Weekly Cash Withdrawal to N100k


…Says Only N200 and Lower Currency Notes to be Loaded Into ATMs

THE Central Bank of Nigeria (CBN) on Tuesday announced new currency policy which among other directives pegged cash withdrawal limit by individuals and corporate organisations with effect from January 9, 2023.

The bank directed in a letter signed by its Director of Banking Supervision, Haruna B. Mustafa, all banks and other financial institutions to ensure that over-the-counter cash withdrawals by individuals and corporate entities do not exceed N100,000 and N500, 000, respectively, per week.

The letter, with reference number BSD/DIR/PUB/LAB/015/069, entitled: “Letter to All Deposit Money Banks (DMBS) and Other Financial Institutions (Payment Service Banks), Primary Mortgage Banks (PMBs) and Microfinance Banks (MFBs) – NAIRA REDESIGN POLICY – REVISED CASH WITHDRAWAL LIMITS,” also directed banks not to load their Automated Teller Machines (ATMs) with currency note higher than N200.

“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 (DMBs) and other financial institutions (OFIs) are hereby directed to note and comply with the following:

“The maximum cash withdrawal over the counter (OTC) 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.

“The maximum cash withdrawal per week via Automated 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 maximum cash withdrawal via the point of sale (PoS) terminal shall be N20,000 daily,” the CBN directs.

The apex bank said “in compelling circumstances, not exceeding once a month, where cash withdrawals above the prescribed limits is required for legitimate purposes, such cash withdrawals shall not exceed N5,000,000.00 and N10,000,000.00 for individuals and corporate organisations, respectively, and shall be subject to the referenced processing fees in (1) above, in addition to enhanced due diligence and further information requirements.”

The CBN also directed that banks are required to obtain the following information at the minimum and upload same on the CBN portal created for the purpose:

“a. Valid means of identification of the payee (National Identity Card, International Passport, Driver’s License.) “b. Bank Verification Number (BVN) of the payee. c. Notarised customer declaration of the purpose of the cash withdrawal. d. Senior management approval for the withdrawal by the Managing Director of the drawee, where applicable. e. Approval in writing by the MD/CEO of the bank authorising the withdrawal.

“Please further note the following: i. Monthly returns on cash withdrawal transactions above the specified limits should be rendered to the Banking Supervision Department. ii. Compliance with extant AML/CFT regulations relating to the KYC, ongoing customer due diligence and suspicious transaction reporting etc., is required in all circumstances. iii. Customers should be encouraged to use alternative channels (internet banking, mobile banking apps, USSD, cards/POS. eNaira, etc.) to conduct their banking transactions.”

The bank cautioned that aiding and abetting the circumvention of this policy will attract severe sanctions.

CBN’s Revised Cash Withdrawal Limits


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