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CBN Commence Cash Withdrawal Limit Today

The Central Bank of Nigeria’s policy on restriction on daily cash withdrawal r across the country today, Monday, January 9.

According to CBN, the maximum weekly limit for cash withdrawals across all channels by individuals and corporate organisations is N500,000 and N5million respectively. Individuals or organisations that have a compelling need to withdraw above the approved limits to transact legitimate businesses will have to pay a processing fee of three per cent and five per cent respectively.

In other to facilitate this development, the financial institutions are also expected to follow a particular requirement for customers seeking withdrawal above N500,000.

The customer is expected to upload  on the CBN portal created for the purpose: Valid means of identification of the payee (National ID, International Passport, or Driver’s License); Bank Verification Number of the payee; Tax Identification Number of both the payee and the payer; Approval in writing by the Managing Director/Chief Executive Officer of the financial institution authorising the withdrawal.

 The CBN ordered  Deposit money banks not to pay customers making over the counter withdrawals of new naira notes again.

 

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