New Naira Notes: Five CBN Policies You Must Know

CBN Governor, Godwin Emefiele

The Central Bank of Nigeria (CBN) has introduced new policies that limits withdrawal behind-the-counter withdrawal to N100,000 and N500,000 for individuals and corporate organisations respectively.

VANTAGE NEWS reports that the apex bank also directed banks to only load N200 notes and lower denominations into their Automated Teller Machines (ATMs).

This was contained in a memo issued to banks on Tuesday and signed by the CBN Director of Banking Supervision, Haruna .B. Mustafa.

CBN also restricted withdrawals from point of sale terminal to N20,000 on a daily basis.

VANTAGE NEWS reports that the directives take effect nationwide from January 9, 2023.

The memo reads, “Further to the launch of the redesigned naira notes by the President, Major General Muhammadu Buhari (retd.), on Wednesday, November 23, 2022, and in line with the cashless policy of the CBN, all deposit money banks and other financial institutions are hereby directed to note and comply with the following:

“1. The maximum cash withdrawal over the counter by individuals and corporate organisations 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 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 the point of sale terminal shall be N20,000 daily.”

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