Breaking! CBN Limits Daily Withdrawals to Just Twenty Thousand Naira

Breaking! CBN Limits Daily Withdrawals to Just Twenty Thousand Naira

The Central Bank of Nigeria in its financial inclusion policies for 2023 has rolled out the latest in the series.

The CBN in a Press Release signed by the Governor Godwin Emefiele, has placed embargo on daily withdrawals both over-the-counter and ATM to not above N20, 000

This means that most Nigerian’s will be forced to transact business via bank transfers and will hugely limit the flow of illegal cash within the polity.

Please find the breakdown of the policy below.

1. N100,000 and N500,000 weekly limit for personal and corporate accounts

2. Amounts over that limit attract a 5% and 10% processing charge respectively

3. Maximum withdrawal limit from ATM is N20,000 daily and N100,000 weekly

4. Only N200 notes will be loaded into the ATM

5. Maximum withdrawal via POS is N20,000 daily

6. In exceptional cases and not more than once a month, the amounts of N5m and N10m for personal and corporate accounts can be accessed. This will require approvals and payments of all effective charges (5% and 10% respectively).

 

Related post

CBN to Sanction Banks 1M Daily for not Dispensing New Notes

CBN to Sanction Banks 1M Daily for not Dispensing…

The Governor of the Central Bank of Nigeria, CBN, Godwin Emefiele has slammed commercial banks for not issuing the new naira…
” CBN and NDIC Represent Key Components Of Nigeria’s Financial Safety-net Arrangement”- CBN Governor, Godwin Emefiele

” CBN and NDIC Represent Key Components Of Nigeria’s…

Fintech firms, according to Governor Godwin Emefiele, are causing disruptions in the banking industry’s operations. Emefiele stated this on Tuesday, October…
CBN Launches USSD Code For eNaira Transactions

CBN Launches USSD Code For eNaira Transactions

To promote greater financial inclusion in the nation, Godwin Emefiele, Governor of the Central Bank of Nigeria, launched the eNaira’s USSD…