CBN limits cash withdrawals to N100K per week, N200 now highest ATM denomination

Further to the launch of the redesigned Naira notes, the Central Bank of Nigeria (CBN) has ordered Deposit Money Banks (DMOs) and other financial institutions to ensure that weekly over-the-counter (OTC) cash withdrawals by individuals and corporate entities do not exceed N100,000 and N500,000, respectively.

The apex bank made this known on Tuesday in a circular signed by CBN Director of Banking Supervision, Haruna Mustafa.
The apex bank noted in the circular that the regulatory directives will take effect nationwide from January 9, 2023.
The CBN further fixed daily maximum withdrawals via point of sale (PoS) terminal at N20,000.
“The maximum cash withdrawal per week via Automatic Teller Machine (ATM) shall be N100,000 subject to a maximum of N20,000 cash withdrawal per day.
“Only denominations of N200 and below shall be loaded into the ATMs,” the bank also said, adding that the new policy is sequel to the launch of the redesigned N200, N500 and N1,000 notes by President Muhammadu Buhari on November 23, 2022.
Recall that the CBN Governor, Godwin Emefiele had on October 26, 2022 announced the redesigning of the three bank notes, saying the new and existing currencies will remain legal tender and circulate together until January 31, 2023.

It is the belief of the apex bank that the redesigned notes will limit cash in circulation and therefore restricts the heinous activities of ransom-demanding kidnappers as well as politicians who may be rooting or depending on vote buying as a means of rigging elections.

Read below the official circular as released by the CBN:

Staff Writer

Leave a Reply

Your email address will not be published. Required fields are marked *

Next Post

Buhari on 2023 Elections: My government will not allow anyone to use money or thugs to intimidate Nigerians at the polls

Wed Dec 7 , 2022
President Muhammadu Buhari (retd.), on Tuesday, said his government will not allow anyone to use money and thugs to intimidate Nigerians at the polls come 2023. He made this disclosure while stating that Nigerians will vote for the leader of their choice in the 2023 elections as they are “now […]

You May Like