Fresh cash withdrawal limits has been imposed on individuals and organisations by the Central Bank Of Nigeria with effect from January 9, 2023.
According to a new memo to banks issued on Tuesday and signed by the Director of Banking Supervision, Haruna .B. Mustafa, individuals will only be able to withdraw N100,000 per week ( from over the counter, Point of Sale Machines or the Automated Teller Machines), while organisations can access N500,000 per week.
Banks have also been directed to load only N200 and lower denominations into their ATM.
However, the CBN said this policy aims to bring more people into the banking system, and will take effect on January 9.
“The maximum cash withdrawal per week via automated teller machine shall be 100,000 naira subject to a maximum of 20,000 naira ($45) cash withdrawal per day,” it said.
