CBN Restriction On Daily Cash Withdrawal Begins

The Central Bank of Nigeria’s policy on restriction on daily cash withdrawal took off across the country on Monday, January 9, 2023.
By the development, the maximum weekly limit for cash withdrawals across all channels by individuals and corporate organisations is N500,000 and N5 million, respectively. Individuals or organisations that have a compelling need to withdraw above the approved limits to transact legitimate businesses will have to pay a processing fee of three per cent and five per cent respectively.
The financial institutions are also expected to obtain the following information from the customer, at the minimum, and upload the same on the CBN portal created for the purpose: Valid means of identification of the payee (National ID, International Passport, or Driver’s License); Bank Verification Number of the payee; Tax Identification Number of both the payee and the payer; Approval in writing by the Managing Director/Chief Executive Officer of the financial institution authorising the withdrawal.
The CBN had ordered Deposit Money Banks not to pay customers making over-the-counter withdrawals of new naira notes again and instead directed banks to load their Automated Teller Machines with only new notes to ensure that the currency circulates across the nation ahead of the January 31, 2023 deadline when the old notes will no longer be legal tender.
The apex bank, it was gathered, issued the directive to the banks on Wednesday, Jan 4, 2023 and ordered that the implementation must begin immediately.
However, as of Friday, Jan 6, the banks had not been able to comply with the directive as they complained of an inadequate supply of the new notes, prompting them to load their ATMs with the old notes.