CBN Limits Cash Withdrawal From Banks, ATM, PoS To N100,000 Weekly

The Central Bank of Nigeria (CBN) has imposed fresh cash withdrawal limits from banks, ATM and PoS on individuals and organisations, with effect from January 9, 2023.

According to a New Memo to banks issued on Tuesday, the maximum cash withdrawal by individuals per week from automated teller machine, over the counter, or the point of sale shall be N100,000, or a maximum of N20,000 cash withdrawal per day.

Corporate organisations can access N500,000 Per Week.

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Banks have also been directed to load only #200 and lower denominations into their ATM.

Where cash withdrawals above the prescribed limits would be required for legitimate purposes, such cash withdrawals shall not exceed N5 Million for individuals and #10 Million for corporate organisations

The Apex Bank says such massive withdrawal shall be subject to the referenced processing fees and enhanced due diligence and further information requirements.