CBN New Currency
Policy Effective January 9, 2023
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 N10,000,000 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 H20,000 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 N5,000,000.00 and $10.000.000.00 for individuals and corporate
organisations, respectively, and shall be subject to the referenced processing
fees in
Above, in addition
to enhanced due diligence and further information requirements
