How much you fit withdraw daily from ATM, POS as CBN revise cash policy

Nigerians now go fit withdraw up to One Hundred Thousand Naira [₦100,000] evriday from di Automated Teller Machine [ATM] wey go add up to Five Hundred Thousand Naira [ ₦500,000] evri week.

Dis policy apply to Point Of Sales devices, POS, as di new daily withdrawal limit apply to customers wey go make use of dem too.

Meanwhile, corporate organizations fit withdraw up to five million naira [₦5,000,000] evri week.

Dis na wetin di Central Bank of Nigeria tok as dem revise some of dia policies wey concern withdrawal and deposit of cash for bank and Automated Teller Machines {ATM].

Dis new policies go start from January 1, 2026.

Inside one circular wey di Director, Financial Policy and Regulation Department, Dr Rita Sike sign on Tuesday December 2, di apex bank introduce new withdrawal limits. Dem don also remove di cumulative deposit limit and di fee wey customers bin dey pay wen dem deposit excess cash for bank.

But if you withdraw pass di weekly limit, dem go charge you for excess withdrawal.

Make Nigerians also note say if you go banking hall go withdraw ₦100,000 naira e go also count as part of your cash withdrawals for ATM.

E mean say if you withdraw ₦100,000 for banking hall as cash, na only ₦400,000 remain for you to withdraw for di week.

So weda you withdraw from ATM or bank hall dem go count all your withdrawals for di week to calculate your cumulative withdrawal.

Why CBN dey revise dia cash policies

According to di circular, CBN say di previous policy bin be "part of efforts to reduce di rising cost of cash management, address security concerns, and to reduce di potential for money laundering wey dey associated wit di economy heavy reliance on cash, Central Bank of Nigeria bin implement several cash-related policies."

Di circular add say even though "dis policies wey dey issued ova di years sake of changing circumstances for cash management, bin look to reduce cash usage and encourage accelerated adoption of oda payment options, particularly electronic payment channels. But wit time, need don dey to streamline di provisions of di policies to reflect present-day realities."

Oda policies wey involve cash and transactions CBN mention na:

Exceptional authorisation for cash withdrawal - CBN cancel di exceptional authorisation for cash withdrawal for ₦5 million and ₦10 million naira once evri month by individuals and corporate organizations.

Excess withdrawal limit - If you withdraw cash above di limit you go pay 3 percent of the money asx individual and 5 percent as corporate organization.

Third-Party Cheques - Di limit for Third-Party cheques na ₦100,000 and e go follow count for your weekly withdrawal limit. Accounts wey no dey affected na govment accounts, revenue generating accounts, microfinance banks, primary mortgage banks with commercial and non-interest banks.

Fomer withdrawal limit and how e start

For December 2022, di CBN bin announce say from 9 January 2023, individuals no go fit withdraw more dan N100,000 ova di counter weekly while corporate organisations go get limit of N500,000.

Dem bin tok say daily maximum withdrawals from point of sale (POS) terminal na N20,000.

Dem also tok say na only N200 and lower denominations banks go fit dey load put for dia ATM.

Na afta Nigeria govment unveil di redesigned naira notes dem put dis policy.

For individuals, na 100,000 be di weekly limit ova di counter, but corporate organisations bin fit withdraw maximum of 500,000 ova di counter weekly.

If pesin bin wan withdraw above dis limit, e attract processing fees of 5% for individuals and 10% for corporate organisations.

Di former maximum cash withdrawal per week for Automated Teller Machine, ATM be N100,000 but e bin dey subject to maximum of N20,000 cash withdrawal per day, while di maximum cash withdrawal for di point of sale terminal, POS, before be N20,000 daily.