After multi- pronged pressure was brought to bear on the Central Bank of Nigeria (CBN), it has finally raised the amount of cash individuals and corporate organisations can withdraw weekly.
Recall that as part of its cashless policy, the CBN put weekly withdrawal limits for individuals at N100,000 and organisations at N500,000.
But now the maximum weekly limit for cash withdrawals across all channels for individuals is put at N500,000 while corporate organisations can now withdraw N5 million.
The revised CBN circular on the cash withdrawal policy reads:
• The maximum weekly limit for cash withdrawal across alt channels by individuals and corporate organizations shall be N500,000.00 and respectively.
• In compelling circumstances where cash withdrawal above the limits in (1) above is required for legitimate purposes, such requests shall be subject to a processing fee of 3% and 5% for individuals and corporate organizations, respectively.
• Further to (2) above, the financial institution shall obtain the following information from the customer, at the minimum, and upload same 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 (BVN) of the payee.
• Tax Identification Number (TIN) of both the payee and the payer
• Approval in writing by the MD/CEO of the financial institution authorising the withdrawal.
https://everyday.ng/2022/12/starting-jan-9-cbn-pegs-atm-withdrawals-at-n20000-per-day-n100000-per-week/
