nlfpmod:
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

If people no gather make we protest, they I know say na juju them they use on us

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

Even banks will further downsize the already undersized staff.

Omobola121:
Time to start POS business oo

how will you be getting cash? That's the challenge now

Watcharena:
you don't need to withdraw to buy bag of rice , you can always make transfer

Less than 40% of economically active Nigerians are vast in internet banking.

Googledotcom:
Wow, thanks for this, it will greatly reduce insecurity in the country.

Firstly people won't be able to move large cash about and kidnappers would find it really tough to get huge monies as ransom.


Kidnapped victims would be given a long period to pay up due to the withdrawal limit and this will notify the security personnel that something fishy is going on.

This wont affect the kidnappers at all. In fact the victims will be more affected because the kidnappers will give enough time for the victims family to withdraw enough cash and send.

This time, they really wont care how much is takes them to get 5 million naira cash as long as the victim has agreed to pay. Remember, the more time the family waste the likely hood of the victim dying, which I'm very sure will not be beneficial to anyone; but we all know who loses more if that happens.

Nigerians can improvise to any situation no matter how difficult it is. Are we not all buying fuel at N260 today? Paying double our transportation fare and everyone seems to have gotten over it.. Lol.

You'll be suppressed how bad this policy will be.

I just pray a new government takes in and reverse this.

Note, I'm not against cashless policy, but before that, CBN should remove all the excess bank charges we face, if not, to buy any stuff that will normally cost 1k cash, will be paid with 1.1k or more. Everyone will wanna cover from the chargers we get.


Bank charges will be a hindrances to cashless policy in naija.

Till then, let's see how it goes.

Ko le work

You are forcing cashless policy when your E transaction are not standard.. imagining trying to send someone money the useless network will be telling you to try again later and u keep sending and when the network will come to full speed all the attempts will go immediately leaving u at the mercy of the receiver..nah so I send 200k for my daughter's school fees not the attempts all of them went through later... if I didn't check my balance I wouldn't have even notice I have already send 800k instead of 200k ...

Anonymoususher:
Buhari is the downfall of Tinubu.

The man is doing everything possible to frustrate Tinubu's chances of buying votes. He saw how Tinubu brought out bullion vans of cash to buy voted for him in 2019 and he doesn't want that.

First he signed electoral act and approved used of BVAS for election, Tinubu has been crying since then because it reduced his chances of rigging the election.

Next he introduced Naira redesigned which limits their vote buying power, he didn't stop at that he gave a very short deadline which prevents them from quickly changing enough old notes and now he has put a cap on daily withdrawal.

Buhari is Tinubu's kryptonite. He meant well for Nigeria but the cabals and the people that sponsored him hijacked his government. Now he has done two terms and has nothing to lose, now is the time to hand over Nigeria to the people but I am surprised that Tinubu is still parading himself as the president and not seeing the handwriting on the wall.

The game has changed. His only alternative now will be the use of violence and intimidation to keep opposition voters in doors

It is well with Nigeria. We would get to the promised land someday.

TheKingIsHere:


Tinubu brought in the dullard and the dullard brought in Mr incompetent.

So, yes. Tinubu can be blamed for Emefiele's inconvenience and failure

So you don't know it is Jonathan that appoint Emefiele?

Watcharena:
Don't call Nigeria sht hole because of this policy, we are not the first and this will not make us even among the first 20 countries will lowest cash in circulation , check how Hongkong ,Sweden, Finland etc are doing it , this is the first step toward attaining a cashless economy, Sanusi lamido has been singing this long time ago before they tied him down in kano in the name of traditional title , if we had started during his time by now we could have achieved 10,000 daily withdrawal limit

Sanusi was even sued to court for this

Sanusi was remove by Jonathan

Folawealth090:
As someone said already increase number of accounts discreetly 3 bank accounts = 60k daily limit / 300k weekly.

Nah BVN dem go use nah

Bros Good evening, sorry for disturbing you sir, please I need ur help cos I want to travel back to home and I don't have complete transport here, am in Abuja going to okene, please kindly help cos have got nothing to survive with at the moment... thanks sir

AFONJAPIG:
You are forcing cashless policy when your E transaction are not standard.. imagining trying to send someone money the useless network will be telling you to try again later and u keep sending and when the network will come to full speed all the attempts will go immediately leaving u at the mercy of the receiver..nah so I send 200k for my daughter's school fees not the attempts all of them went through later... if I didn't check my balance I wouldn't have even notice I have already send 800k instead of 200k ...

CalabarPikin:
This is getting real

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

Bro first bank own worst, I dey consider opening account with fidelity bank lately.

charles614:
This is totally wrong , if there is case of emergency like hospital deposit before treatment how can that be handled

Do transfer to hospital account

Capernum:


Less than 40% of economically active Nigerians are vast in internet banking.

You are not correct

SmartyPants:


Don't be a clown.

The max withdrawal via pos per individual is 20k

Ohhhh true.

I was looking at it from the POS operators own side.

That they can't pay out more that 20k per day.

simplesearch:


How? When over the counter withdrawal is same with ATM withdrawal.

do you mean if I go to bank I can only withdraw not more than 20k?

Edipet:
is you that do not understand...20k/day is for atm withdrawal per card or per person

Oooo. I had misunderstood it to mean that each pos operator can't pay out more than 20k per day.

It would still affect them. Although this policy has advantages in monitoring cash withdrawals.

I'm thinking of how to create a new business opportunity around this policy.

Very stupid policy by the Central Bank of Nigeria. These guys are so clueless about the solution to the situation of things on ground. They are now using trial and error means to salvage what's left. Tell the politicians hiding money in their houses to bring them out. Why won't I be able to withdraw more than 20k per day? What if I have an urgent cash transaction I need to carry out? Nigeria is so messed up, and it keeps getting messier and messier with each passing day.

jefdr001:
Nice one. I totally support this. Imagine situation where only one individual will keep people waiting on ATM queue because he is withdrawing over 150k and holding 2 or more cards like someone going to buy cow in the hinterlands The truth is you don't really need more than 5k cash in the wallet at any given time because everything can be paid for online or card transaction.

Funny comment especially the BOLDED

SmartyPants:


I've pointed out that the vast majority of POS transactions are below 10k.

Anything beyond that, you would most likely do a transfer in the first place.

Is it when you need the cash?
People go to pos to withdraw also. Twenty K upward or downward. When I was in PH, 1k attracted a #50 charge. However, in Lagos or Ibadan, it's usually #100 on every#5,000. So the limitations in maximum daily withdrawal will affect pos business.

Nigerians collect money and vote in APC again oh, don't worry, our problem has not started. It will soon start. This government has done nothing but put Nigerians in misery, frustrate Nigerians and get everyone so angry and bitter. Yet the blind ones will see nothing wrong and still carry their PVC to vote this same useless party. Collect money, contract and sell your vote oh. We will all be here to suffer it together.

What is all these? This will create unnecessary hardship on the citizens..... and/or may not even achieve their so-called plans.

MrCGPA:
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!

APC is a national saga

jefdr001:
Nice one. I totally support this. Imagine situation where only one individual will keep people waiting on ATM queue because he is withdrawing over 150k and holding 2 or more cards like someone going to buy cow in the hinterlands. The truth is you don't really need more than 5k cash in the wallet at any given time because everything can be paid for online or card transaction.

And down here everything can be paid through card? If ATMs are functional, would people line up waiting for 1 ATM user.... You guys are quick to place Naija side by side with working nations.

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

They don't think out their hurried policies properly and change them without any consideration.

jefdr001:
Imagine situation where only one individual will keep people waiting on ATM queue because he is withdrawing over 150k and holding 2 or more cards like someone going to buy cow in the hinterlands.

Under the new policy the time it takes to withdraw N150k will be used to withdraw 30k since they will be using N200 naira notes.

How can this policy help POS operators

Mrfksb1:
you know nothing. You can withdraw even more than $10k a day. Do you know how much is $10k to naira

Imagine u saying gibberish .comparing the two together when u know u shouldn't because I am sure you can only spend that 10 dollars on food and some little things not buying things or paying for services that are above that your yeye 10 dollar

A must watch, brief recap of the new policy and the date of implementation. Less than a minute to understand out new reality.

Once you put your money in the bank, the government owns it from that point.
Which is why, if all of us try to withdraw all our money, the banks simply don't have half of those cash. It is an illusion/scam.


https://www.youtube.com/watch?v=L79n0tr9fWs

As an arbitrager, I have accounts with all the banks in Nigeria. Aside this, I already mapped out another way of getting cash. Come January, I'm adding POS to my biz that is what I know.

rainlover:
how will you be getting cash? That's the challenge now