The Central Bank of Nigeria (CBN) has mandated deposit money banks and other financial institutions to ensure that over-the-counter cash withdrawals by individuals and corporate bodies do not surpass N100, 000 and N500, 000, respectively, per week.
This is contained in a circular issued today by the apex bank and will take effect nationwide on January 9, 2023.
After the policy takes effect, all cash withdrawals in excess of the stated limits will attract processing fees of 5% and 10%, respectively.
The new policy comes following the launch of redesigned N200, N500, and N1000 banknotes.