MARGARET CHIDERA
The Central Bank of Nigeria, CBN has increased the maximum weekly withdrawal limit for both corporate and individual to N5 million and N500,000 respectively.
In a circular in December 6th, 2022, the apex bank had pegged the weekly withdrawal limit to N20,000 for individual and N500,000 for corporate organisations, directing Nigerians to make use of electronic means to make payment as part of implementation of its cashless policy.
In the latest directive dated December 21, 2022, the bank said, “the compelling circumstances where cash withdrawal above the limit is required for legitimate reasons, the request shall be subject to a processing fee of 3 per cent and 5 per cent for individuals and corporate organisations respectively.
The bank added that when exceeding the limit, the bank will require from the customer, a valid means of identification of payee, bank verification number, (BVN), tax identification number (TIN), and approval in writing by the MD of the financial institution authorising the withdrawal.
The CBN added that third party cheques above N100, 000 shall not be eligible for payment over the counter and that the extant limit of N10 million on clearing cheques still subsists.
In the statement signed by Director of Banking Supervision, Haruna Mustapha, the CBN reminded banks that monthly returns of cash withdrawal transactions above the specified limits should be rendered to the banking supervision.
The bank also insisted on compliance with regulations relating to KYC, ongoing customer due diligence, currency and suspicious transaction reporting, stressing that customers should be encouraged to use alternate channels like internet banking, etc., to conduct their banking transactions.
