The Central Bank of Nigeria (CBN) has announced a new policy that mandates deposit money banks and other financial institutions to ensure that over-the-counter cash withdrawals by individuals and corporate entities do not exceed N100, 000 and N500, 000, respectively, per week.
The revised cash withdrawal limits, contained in a circular issued today by the apex bank and seen by Nairametrics, will take effect nationwide on January 9, 2023.
After the policy takes effect, all cash withdrawals in excess of the stated limits will attract processing fees of 5% and 10%, respectively.
The new policy is coming barely weeks after President Muhammadu Buhari launched the newly redesigned N200, N500, and N1000 banknotes.
More details shortly…
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