CBN limits cash withdrawals to N100K, N200 now highest ATM denomination

The Central Bank of Nigeria has ordered Deposit Money Banks and other financial institutions to ensure that weekly over-the-counter cash withdrawals by individuals and corporate entities do not exceed N100,000 and N500,000, respectively.

The CBN made this known on Tuesday in a circular signed by its Director of Banking Supervision, Haruna Mustafa.

He said, “The maximum cash withdrawal per week via Automatic Teller Machine 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 bank also said, adding that the new policy is sequel to the launch of the redesigned N200, N500 and N1,000 notes by President Muhammadu Buhari on November 23, 2022.

“The maximum withdrawals via point of sale terminal shall be N20,000 daily.”

Here is the breakdown of the new CBN  policies on cash withdrawal;

1. N100,000 and N500,000 weekly limit for personal and corporate accounts

2. Amounts above that limit attract a 5% and 10% processing charge respectively

3. Maximum withdrawal limit from ATM becomes N20,000 daily and N100,000 weekly

4. Only N200 notes will be loaded into the ATM

5. Maximum withdrawal via POS becomes N20,000 daily

6. In exceptional cases and not more than once a month, the amounts of N5m and N10m for personal and corporate accounts can be accessed. This will require approvals and payments of all effective charges (5% and 10% respectively).

Effective January 9, 2023