Central Bank Of Nigeria Limits Withdrawal To 100k Weekly

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 The Centra bank of Nigeria,  the apex bank in the country had on October 26 made known its plan to redesign 200, 500 and 1000 naira denominations. It gave December 15, 2022, as the date to start circulating the new notes, while it plans to stop the usage of old naira notes from January 31, 2023.

The apex bank also published a memo to the public in respect of the new naira notes coming out by 15th of this month. The policy in the new memo states that all ATM machines will starts dispensing 200 naira notes and the limit of weekly withdrawal is now 100k.

In a memo 

The maximum cash withdrawal over the counter (OTC) by individuals and corporate organizations per week shall henceforth be N100,000 and N500,000, respectively.

"Withdrawals above these limits shall attract processing fees of 5% and 10%, respectively; third-party cheques above N50,000 shall not be eligible for payment over the counter, while extant limits of N10,000,000 on clearing cheques still subsist; the maximum cash withdrawal per week via Automated Teller Machine (ATM) 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 maximum cash withdrawal via point of sale (PoS) terminal shall be N20,000 daily and in compelling circumstances, not exceeding once a month, where cash withdrawals above the prescribed limits are required for legitimate purposes, such cash withdrawals shall not exceed N5,000,000 and 10,000,000 for individuals and corporate organizations," the letter stated.