Categories: Headlines

CBN Limits Cash Withdrawals To N100K, N200 Now Highest ATM Denomination

The new naira notes.

 

The Central Bank of Nigeria (CBN) has ordered Deposit Money Banks (DMOs) and other financial institutions to ensure that weekly over-the-counter (OTC) cash withdrawals by individuals and corporate entities do not exceed N100,000 and N500,000, respectively.

The apex bank made this known on Tuesday in a circular signed by CBN Director of Banking Supervision, Haruna Mustafa.

The apex bank said the regulatory directives take effect nationwide from January 9, 2023.

The CBN further fixed daily maximum withdrawals via point of sale (PoS) terminal at N20,000.

“The maximum cash withdrawal per week via Automatic 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 bank also said, adding that the new policy is sequel to the launch of the redesigned N200, N500 and N1,000 notes by President Muhammadu Buhari on November 23, 2022.

[READ ALSO] Naira Redesign: Governors On EFCC Watchlist Have Increased – Bawa

CBN Governor, Godwin Emefiele had on October 26, 2022 announced the redesigning of the three bank notes, saying the new and existing currencies will remain legal tender and circulate together until January 31, 2023.

The apex bank believes that the redesigned notes will limit cash in circulation and therefore restricts the heinous activities of ransom-demanding kidnappers as well as politicians wont to rigging elections.

However, the Peoples Democratic Party (PDP) and some eminent Nigerians including Governor Godwin Obaseki of Edo State as well as the General Overseer of the Redeemed Christian Church of God (RCCG), Pastor Enoch Adeboye, have faulted the naira redesign as having no basis in economics.

Read CBN’s full circular:

 

Kayode Oyero

Disqus Comments Loading...
Share
Published by
Kayode Oyero
Tags: Buhari Emefiele

Recent Posts

  • Local

2023 Elections: Court Fixes Jan 30 For Judgement In Suit Seeking Voting Without PVC

The suit was filed by a civil society organization on behalf of 29 million registered voters allegedly on the verge…

42 mins ago
  • Local

Katsina Govt, Security Agencies Reinforce Strategy To Secure Worship Places 

According to Katsina, the state government is going to engage additional 1,900 fully trained vigilante corps in security-prone areas.

48 mins ago
  • Top story

At Chatham House, Obi Vows To Tackle Oil Theft, Debt Servicing, Unemployment, Others

“Go and check my records. It is there,” the Labour Party presidential candidate said, adding that he is the only…

51 mins ago
  • Local

‘It’s Sheer Peanuts,’ Ex-Army Officer Asks FG To Review Veterans’ Benefits

According to him, the amounts are "so insignificant" that well-off veterans opt out of government support to take care of…

56 mins ago
  • Local

You Are The Architect Of Your Ordeal, Imo Govt Tells Ugochinyere

It said Ugochinyere is so inconsequential with microscopic importance in the political firmament of the state to warrant any attention.

1 hour ago
  • Headlines

I Will Dismantle ‘Structure’ Holding Nigeria Captive, Obi Speaks At Chatham House

The LP presidential candidate also vowed to end oil theft, ease ethnic tension, increase Nigeria’s electricity generation and distribution capacity,…

2 hours ago