CBN commences cash withdrawal limit, stops over-the-counter
By Felicia Nwosu
Nigeria’s apex bank, the Central Bank of Nigeria (CBN) has commenced its cash withdrawal policy which was proposed to kick off on 9 January, 2023 as well as stopped over-the-counter withdrawal of the newly re-designed naira notes.
Also, in response to the mixed reactions trailing its directives on weekly limit cash withdrawals for individuals and corporate bodies, the apex bank has increased the maximum weekly limit for cash withdrawals across all channels by individuals and corporate organisations to N500,000 and N5 million respectively.
As at December 2022, the bankers’ bank 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. This, it noted, is aimed at encouraging and boosting the cashless policy in order to reduce the amount of cash outside the banking system.
Meanwhile, the financial regulator also directed commercial banks in the country to load their automated teller machines (ATMs) with the redesigned naira notes in a bid to boost circulation.
The CBN also ordered the banks to halt dispensing the new currency notes over-the-counter, noting that the attention of the apex bank was drawn to complaints from Nigerians who have not been able to access the redesigned notes since the banks started dispensing them on December 15, 2022.
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