‘N500k for individuals’ — CBN increases weekly cash withdrawal limit after public outburst

The Central Bank of Nigeria (CBN) has increased the maximum weekly limit for cash withdrawals across all channels by individuals and corporate organisations to N500,000 and N5 million, respectively.

The directive is contained in a circular issued by the bank on Wednesday and signed by Haruna Mustafa, director of banking supervision department.

The development comes two weeks after the CBN reduced the weekly over-the-counter cash withdrawal limit for individuals to N100,000 and that of corporate organisations to N500,000.

The bank also reduced withdrawals at automated teller machines (ATMs) and point-of-sale terminals to N20,000 per day.

The policy had generated mixed reactions from Nigerians. While some said it would have a negative effect on small businesses, others applauded it as a strategic move towards boosting the cashless policy and reducing the amount of cash outside the banking system.

In the circular, the apex bank said it made the upward review based on feedback received from stakeholders.

“The Central Bank of Nigeria (CBN) hereby makes the following reviews: (1) the maximum weekly limit for cash withdrawal across all channels by individuals and corporate organisations shall be N500,000.00 and N5,000,000.00 respectively,” the circular reads.

“2. In compelling circumstances where cash withdrawal above the limits in (1) is required for legitimate purposes, such requests shall be subject to a processing fee of 3 percent and 5 percent for individuals and corporate organisations, respectively.

“Further to (2) above, the financial institution shall obtain the following information from the customer, at the minimum, and upload 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 (BVN) of the payee, tax identification number (TIN) of both the payee and the payer, and an approval in writing by the MD/CEO of the financial institution authorising the withdrawal.

“Third party cheques above N100,000 shall not be eligible for payment over-the-counter, while the extant limit of N10 million on clearing cheques still subsist.”

The CBN said monthly returns on cash withdrawal transactions above the specified limits should be rendered to the banking supervision department, other financial institutions supervision and payments system management departments.

“Compliance with extant AML/CFT regulations relating to KYC, ongoing customer due diligence and suspicious transaction reporting etc. is required in all circumstances,” it added.

“Customers should be encouraged to use alternative channels (internet banking, mobile banking apps, USSD, cards/POS, eNaira, etc.) to conduct their banking transactions.

The apex bank said it recognises the vital role that cash plays in supporting underserved and rural communities and would ensure an inclusive approach as it implements the transition to a more cashless society.

“All banks and OFls are to note that aiding and abetting the circumvention of this policy will attract severe sanctions,” CBN said.

"The above directives supersede that of December 6, 2022 and take effect nationwide from January 9, 2023.”

https://www.thecable.ng/breaking-cbn-increases-weekly-cash-withdrawal-limit-for-individuals-to-n500k/amp

He as give-in to pressure

What Nigerian politicians can not do to win elections does not exist

See this country, corruption will fight back in a way you can not imagine.

Even if the masses accepted the previous policy I know our greedy politicians will never accept it cos how are they going to continue their money for votes strategy of winning an election. I pity this country seriously.

Lol. Small DSS pressure and CBN governor don back track.

Well I believe it's cos of the pressure from governors to the president.

Truly that 100k weekly for no work at all.

The politicians finally won... Shithole country

Ok, noted.

The pressure was too much on him and I believe his life was seriously threatened that made him give in.

Confused money manager. Shey emefiele don run, baba is feeling the heat.

Ok

When decisions are based on empirical analysis, it can be defended against all and any pressure.

The CBN failed to show any economic analysis upon which their decision was based (probably because non was carried out, and it is a shame because it is a very simple thing to do). So when the hawks came, CBN had no defense and had to backtrack.

Tinubu shouldn't be allowed near our Treasury.

You see the way the old man take hand bribe to that aboki for that viral video- fear Tinubu with our money

Finally

Confused lots..

Watch how they'll revert to the status quo without the citizens even realizing it as usual.

They never take their time to think ideas and policies through to make them fault-proof and incontrovertible.

It is always one step forward, a thousand more steps backward.

Why bring up a policy you can't stick to and implement without bending to any hues if indeed you have thought it through and taken care of all the nitties.

Foolish confused people.

Who'd bring his or her hard earned money to come invest in a joke as Nigeria?

Relief at last. A return to sanity.

He should simply revert to what previously existed.

Blaming money outside the banking system as the cause of inflation is simply disingenuous and living in denial.

Buhari's meddling in the fx market and this governments loose fiscal policies are the 2 primary causes of high inflation rates the economy has been suffering from.

Rather than tell truth to power, the CBN governor preferred to put the blame on the public and corrupt politicians and punish them as well.

Na wa ooo
This one na serious pressure.
Asper OBIDIENTs, we know get problem

Trial and error mandates

Win Win for both parties

corruption bullion van owner is fighting back

Nice one

See pressure

More money for electioneering

They still won't be satisfied

Ronaldo its better

End of cashless policy

Should have done it after elections

Our country is not yet ripe for all this nonsense policies they are implementing. Una wan just choke the economy

If they like they should increase it to N5 billion. No amount of vote buying can make Peter Pandora Lying Obi become president.

Nigerians have already chosen to vote Waziri Adamawa and PDP.

We say no to political nonentity
We say no to bullion van drug lord.

It is either Atiku or Waziri Adamawa

confused people at the helms of power

Good

They should have place it at 200k per week for individual and improve the network for online transactions, cashless can't work with this. Seems that they're confused...

If dem like, make dem make am 50k per months, ABOKÌ FOOL ANI THIEVES GO STILL COLLECT DOLLARS
POLITICIANS GO STILL STACH BILLIONS OF THE NEW NOTES FOR HOUSE.