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.