The Central Bank of Nigeria has reviewed upwards the cash withdrawal limit directive 15 days after issuing the policy as individuals can now withdraw 500,000 naira cash weekly and up to 5 million naira for corporate entities from 9th January, 2023.
The Director of Banking Supervision, Haruna B. Mustafa in a circular said The directive supersedes that of December 6, 2022 and takes effect nationwide from January 9, 2023 In a letter sent to all Deposit Money Banks ,Other Financial Institutions Payment Service Banks and Primary Mortgage Banks
CBN said the review was based on feedback it got from stakeholders after issuing the December 6 circular that limited cash withdrawal to 100,000 naira for individuals and 500,000 naira for companies.
CBN however retained the caveat for legitimate cash withdrawal above the limits as such requests shall be subject to a processing fee of 3 per cent and 5 percent for individuals and corporate organizations respectively but through a portal with the customer’s details including valid ID card, tax ID and BVN.
Third party cheques above 100,000 naira shall not be eligible for payment over the counter while the extant limit of 10 million naira on clearing cheques still subsist.
The Apex bank said it recognized the vital role that cash plays in supporting underserved and rural communities and will ensure an inclusive approach as it implements the transition to a more cashless society. Daily trust
Gambo noted that while it takes hardwork to reach a glorious height, it takes harder work to remain up there, charging the officers to justify the confidence reposed in them.