Summary Of CBN Revised Cash Withdrawal Limit Effective January 9
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Below is the summary of the new cash withdrawal policy of the Central Bank of Nigeria (CBN) which takes effect on January 9, 2023:
- Individual can withdraw cash across the counter and ATM of 20k per day and 100k per week.
- Corporate account can withdraw cash over the counter(No Atm withdrawal for corporate withdrawal) of 100k per day and 500k per week.
- Both individuals and corporate body can do the maximum weekly withdrawal once.
- Third party cheque for cash payment across the counter is maximum of N50,000.
- Any cash withdrawals exceeding the individual and corporate account limit above will attract processing fees of 5% and 10% respectively.
- Maximum cash withdrawal on the ATM is N100,000 per week subject to N20,000 per day.
- The existing and current maximum amount of N10,000,000 for cheques via clearing still subsist.
- Only cash denominations of N200 and below shall be loaded in the ATM.
- Maximum cash withdrawal via POS terminal shall be N20,000 daily.