CENTRAL BANK OF NIGERIA
Banking Supervision Department Central Business District

December 6, 2022
BSD/DIR/PUB/LAB/015/069

Letter to All Deposit Money Banks (DMBS) and Other Financial Institutions (Payment Service Banks (PSBs), Primary Mortgage Banks (PMBs) and Microfinance Banks (MFBs)

NAIRA REDESIGN POLICY — REVISED CASH WITHDRAWAL LIMITS

Further to the launch of the redesigned Naira notes by the President of the Federal Republic of Nigeria, on Wednesday, November 23, 2022 and in line with the Cash-less policy of the CBN, all deposit money banks (DMBs) and other financial institutions (0F1s) are hereby directed to note and comply with the following:

1. 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.

2 Third party cheques above N50,000 shall not be eligible for payment over the counter, while extant limits of 110,000.000 on clearing cheques still subsist.

3. 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.

4 Only denominations of N200 and below shall be loaded into the ATMs.

5 The maximum cash withdrawal via point of sale (PoS) terminal shall be N20.000 daily.

6. In compelling circumstances, not exceeding once a month, where cash withdrawals above the prescribed limits is required for legitimate purposes, such cash withdrawals shall not exceed 15,000,000.00 and 110,000.000.00 for individuals and corporate organisations. respectively, and shall be subject to the referenced processing fees in (1) above, in addition to enhanced due diligence and further information requirements.

a. Valid means of identification of the payee (National ID, International Passport, Driver's License).

b. Bank Verification Number (BVN) of the payee.

c. Notarized customer declaration of the purpose for the cash withdrawal.

d. Senior management approval for the withdrawal by the Managing Director of the drawee, where applicable.

e. Approval in writing by the MD/CEO of the bark authorising the withdrawal.

Please further note the following: i. Monthly returns on cash withdrawal transactions above the specified limits should be rendered to the Banking Supervision Department. Compliance with extant AML/CFT regulations relating to KYC, ongoing customer due diligence and suspicious transaction reporting etc. is required in all circumstances. Customers should be encouraged to use alternative channels (internet banking, mobile banking apps, USSD, cards/POS. eNaira, etc.) to conduct their banking transactions.
Finally, please note that aiding and abetting the circumvention of this policy will attract severe sanctions.

The above regulatory directives take effect nationwide from January 9, 2023.

Please be guided accordingly.

HARUNA B. MUSTAFA
DIRECTOR OF BANKING SUPERVISION

Politician and Criminals are smart in collaborations with bankers

I pray we get things right...

Some criminals have started approaching random POS agents to help them make deposits for a percentage commission higher than their usual charges


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APC is retrogressive,N20k /per day. If you like thumb print for APC again. What of those in rural areas.

Damn, full cashless policy implementation is coming

Lagos landlord alias Bullion Van owner will not like this news, those of you Tinubu supporters thinking Buhari will support Tinubu and leave Atiku must be dreaming.

CBN should make it 1,000 naira please

Pos might be going out of business
Cashless policy

Na to keep money for house, sure pass

Hmm

Now, how will POS guys survive? This is not fair to the common man

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Hope Villagers have Bank Accounts to accommodate Cashless Policy? Most of these decisions are Aimed at Taming people like BAT who thinks they can Buy Nigerians with their Cash. Our Mumu don do. We are not going to Vote any Weakling assigning Security duties to Elrufai who couldn't do anything on Security in Kaduna State. APC is a National Disaster!

Jokers

This is getting real

I wish they can address the unnecessary deductions by first bank especially

Na wa o

It is well..

We must go cashless by force.

franchasng:
CBN should make it 1,000 naira please

Abi na! Or N500 sef.

Hmmmm

Tough times create strong men.

Let's see how far this will go.

Crazy

Na #200 note all of una go see withdraw from the ATM henceforth and not more than #20000 a day and #100000 a week. Is this not madness?

when APC is through with the country.if you hear Apc na race oooh

This is crazy but as long it'll affect criminals like Thifnubu and Atiku I'm good with the policy.


Perpetual suffering to all BATidiots

How about old people? I live in LA how will my aged parents withdraw when I send cash to them? Please I need some answers


What kinda shithole country is this for God sake making people suffering unnecessary

I really pity those living in Nigeria

Wahala.

Though I support anti-cash measures, this one is extreme, as our systems are not fully mature.

50k would ave been much better.

For instance, my card has failed several times, while out on dates, so I always withdraw enough cash to cover the outing.

Good

Haba na...this is festive season

Operation kill pos

Another one from Emefelie, undisputably the most useless CBN Gov the country ever had!

I can't wait for this tenure to end so that Emefiele will go. This man has killed our economy with armchair economics.

Akwamkpuruamu:
Now, how will POS guys survive? This is not fair to the common man

Change you voted for.

To what intent?
To frustrate an average Nigerian or is it politics?

Well, I know the incoming CBN governor might reverse it.