The Central Bank of Nigeria’s policy on restriction on daily cash withdrawal takes off across the country today, Monday, January 9.

The PUNCH reports that in this arrangement, 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 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 PUNCH had reported that the CBN ordered Deposit Money Banks not to pay customers making over-the-counter withdrawals of new naira notes again.
Instead, the apex bank directed the 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.

It was gathered that the apex bank issued the directive to the banks on Wednesday and ordered that the implementation must begin immediately.
However, as of Friday, the banks had not been able to comply with the directive as they complained of inadequate supply of the new notes, prompting them to load their ATMs with the old notes.

ronalmagic10:
Atiku and Obasanjo operated SPV to corruptly enrich themselves.

Andy Uba was a party to this and he's a bosom friend of peter obi in Anambra PDP.

Same Peter obi was economic adviser under Obasanjo.

Same peter obi was VP candidate under atiku

Same peter obi is now being endorsed by Obasanjo obviously to continue their corrupt practices

Dey play. Don't vote wisely ooo. Dey play

ronalmagic10:
Atiku and Obasanjo operated SPV to corruptly enrich themselves.

Andy Uba was a party to this and he's a bosom friend of peter obi in Anambra PDP.

Same Peter obi was economic adviser under Obasanjo.

Same peter obi was VP candidate under atiku

Same peter obi is now being endorsed by Obasanjo obviously to continue their corrupt practices

Dey play. Don't vote wisely ooo. Dey play

ronalmagic10:
Atiku and Obasanjo operated SPV to corruptly enrich themselves.

Andy Uba was a party to this and he's a bosom friend of peter obi in Anambra PDP.

Same Peter obi was economic adviser under Obasanjo.

Same peter obi was VP candidate under atiku

Same peter obi is now being endorsed by Obasanjo obviously to continue their corrupt practices

Dey play. Don't vote wisely ooo. Dey play

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Nlpfmod

Risingblue008:
This stupid law is going to affect hundreds of business financially oo
Just like we that owns a bet-shop,.
Then how do we pay customers that won above 1/2 million?
So na story we want to dey tell Dem now abi?

OgaTheTop2:
Any measures that would discourage vote buying and money hoarding is welcome. Haters can hang