The Central Bank has directed deposit money banks and other financial institutions to ensure that over-the-counter cash withdrawals by individuals and corporate entities per week do not exceed N100,000 and N500, 000, respectively.
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The revised cash withdrawal limits, contained in a circular issued on Tuesday by the apex bank, will take effect nationwide on January 9, 2023. After the policy takes effect, all cash withdrawals above the stated limits will attract processing fees of 5% and 10%, respectively.
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“The maximum cash withdrawal over the counter (OTC) by individuals and corporate organisations per week shall henceforth be N100,000 and 500,000 respectively. Withdrawals above these limits shall attract processing fees of 5 percent and 10 percent, respectively.
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“Third party cheques above N50,000 shall not be eligible for payment over the counter, while extant limits of N10,000,000 on clearing cheques still subsist.
The maximum cash withdrawal per week via Automated 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 letter reads.
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The new policy is coming barely weeks after President Muhammadu Buhari launched the newly redesigned N200, N500, and N1000 banknotes.
