February 4, 2023
CBN Issues New Directives Limiting Daily And Weekly Cash Withdrawals
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CBN Issues New Directives Limiting Daily And Weekly Cash Withdrawals

CBN Issues New Directives Limiting Daily And Weekly Cash Withdrawals

The Central Bank has issued a directive limiting over-the-counter cash withdrawals by individuals and corporate entities per week to N100,000 and N500, 000, respectively. 

In a circular issued by the bank yesterday, the CBN stated that all cash withdrawals in excess of the stated limits will attract processing fees of 5 percent and 10 percent, respectively. 

The policy is expected to take effect nationwide from 9 January 2023. 

Other limitations that will take effect include a maximum atm cash withdrawal of N100,000 per week and N20,000 per day; third-party cheques above N50,000 will no longer be eligible for payment over the counter; banks will only load denominations of N200 and below into the ATMs and POS withdrawals will not exceed N20,000 a day. 

Later this morning, Now Breakfast will speak with leading economists Tope Fasua and Marcel Okeke for more clarity on this new policy. 

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