The maximum cash withdrawals through Automated Teller Machines (ATMs) has been pegged at N100,000 per week and N20,000 per day by the Central Bank of Nigeria (CBN) in its push for a cashless policy in the country.
The new policy takes effect from 9 January 2023, a new circular dated December 6 stated.
The circular titled, NAIRA REDESIGN POLICY – REVISED CASH WITHDRAWAL LIMITS reads in full: “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 (OFls) 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 k100,000 and N500,OOO respectively. Withdrawals above these limits shall attract processing fees of 5% and 10%, respectively.
2. Third party cheques above N50,OOO shall not be eligible for payment over the counter, while extant limits of El on clearing cheques still subsist.
3. The maximum cash withdrawal per week via Automated Teller Machine (ATM) shall be NI00,000 subject to a maximum of N20,000 cash withdrawal per day.
4, Only denominations of N200 and below shall be loaded into the ATMs
5. The maximum cash withdrawal via point of sale (POS) terminal shall be N20,000 daily.
6. 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 and for individuals and corporate organisations, respectively, and shall be subject to the referenced processing fees in (I) above, in addition to enhanced due diligence and further information requirements.
“Further to (6) above, you are required to obtain the following information at the minimum and upload same on the CBN portal created for the purpose:
1
Classified as Confidential
a. Valid means of identification of the payee (National ID, International Passport, Driver’s License).
b. Bank Verification Number (BVN) of the payee.
c. Notarized customer declaration of the purpose for 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:
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 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.
“Finally, please note that aiding and abetting the circumvention of this policy will attract severe sanctions.
“The above regulatory directives take effect nationwide from January 9, 2023.
“Please be guided accordingly.”
The circular was signed by the CBN’S director of banking supervision, Mr. Haruna B. Mustapha.
