CBN don revise cash withdrawal limit, dis na di new update
Wia dis foto come from, Getty Images
Di Central Bank of Nigeria don announce decision to revise di cash withdrawal limit dem first set.
For one circular wey dem address to all Deposit Money Banks and oda financial institutions for di kontri on Wednesday 21, December, 2023, CBN tok say dis revised cash withdrawal limit na based on di feedback wey dem receive from stakeholders.
Dis dey come following several toktok by Nigerians wey bin dey para say di limit dey too low.
Di Nigeria House of Representatives don also Apex bank govnor imsef, Godwin Emefiele to come ansa questions about di intial cash withdrawal limit.
Wetin be di changes?
- Di Central bank of Nigeria say di maximum limit for cash withdrawal across all channels by individual go now be #500,000 (Five hundred thousand Naira) instead of N100,000 and for corporate organisation, e go be #5,000,000 (Five million Naira) instead of N500,000 wey dem set before.
- For any situation wia cash withdrawal go pass dat one, e go attract 3% processing fee for individual and corporate organisation go pay 5% percent to process am.
- Dem no go fit pay any third party cheque wey dey above #100,000( one hundred thousand Naira) ova di counter. And di extent limit of #10 million on clearing cheque still exist.
- Also, CBN say Monthly returns on cash withdrawal transactions wey dey above di specified limits must go unda banking supervision or oda financial institutions wia e dey applicable.
Di directives go take effect from January 9, 2023.
Di apex bank say di new policy na in line wit di launch of di redesigned N200, N500 and N1,000 notes wey President Muhammadu Buhari do on November 23, 2022.
Dem believe say di redesigned notes go reduce di amount of cash wey dey in circulation and therefore restricts di way kidnappers take dey demand ransom plus e no go also make politicians fit rig elections.
Oda transaction rules wey still stand
Di following directives still stand:
- Di maximum cash withdrawal per week for Automated Teller Machine, ATM go be N100,000 but e dey subject to maximum of N20,000 cash withdrawal per day.
- Only denominations of N200 and below na im dem go load for ATMs.
- Di maximum cash withdrawal for di point of sale terminal go be N20,000 daily.
End of Di one wey oda users dey read well well
Wetin you go need to provide if you wan collect cash wey pass di new CBN limit?
Wetin customers go need provide to fit collect cash wey pass di limit na:
- Valid means of identification of di payee (National Identity Card, International Passport, Drivers License.)
- Bank Verification Number of di payee.
- Notarised customer declaration of di purpose of di cash withdrawal.
- Senior management approval for di withdrawal by di Managing Director of di drawee, wiae dey applicable.
- Approval for writing by di MD/CEO of di bank wey authorise di withdrawal.
Monthly return on cash
CBN further tok for di letter sayi.
- Monthly returns on cash withdrawal transactions above di limits wey dem tok suppose dey rendered to di Banking Supervision Department.
- Compliance wit extant AMUCFT regulations wey relate to di KYC customer due diligence and suspicious transaction reporting etc., go dey need for all circumstances.
- Customers ghatz dey encouraged to use alternative channels (internet banking, mobile banking apps, USSD, cards/POS. eNaira, etc.) to do dia banking transactions.
- CBN come draw hear give di banks say “Finally, abeg make you sabi say to aid and help to avoid dis policy go attract serious sanctions.
