The Central Bank of Nigeria’s policy on daily cash withdrawal restriction is implemented across the country today, Monday 9th January.

the punch reports that in this arrangement, the maximum weekly limit for cash withdrawals across all channels by individuals and corporate organizations is now N500,000 and N5 million, respectively. Individuals or organizations who have a pressing need to make withdrawals above the approved limits for legitimate business transactions will be required to pay a processing fee of three percent and five percent, respectively.

Financial institutions are also expected to obtain from the client, at least, the following information and upload it to the CBN portal created for this purpose: Valid means of identification of the beneficiary (DNI, International Passport or Driver’s License); Bank Verification Number of the beneficiary; Tax Identification Number of both the beneficiary and the payer; Written approval from the CEO/CEO of the financial institution authorizing the withdrawal.

the punch had reported that the CBN ordered Deposit Money Banks not to pay customers who made over-the-counter withdrawals of new naira notes again.

Instead, the main bank ordered banks to load their ATMs with only new notes to ensure that the currency circulates throughout the country before the deadline of January 31, 2023, when the old notes will no longer be tender. legal.

It was noted that the main bank issued the directive to the banks on Wednesday and directed that implementation must begin immediately.

However, as of Friday, banks had been unable to comply with the directive as they complained about an inadequate supply of the new notes, prompting them to load their ATMs with the old notes.

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