The Central Bank Of Nigeria CBN has imposed fresh cash withdrawal limits on individuals and organizations, which takes effect from January 9, 2023.

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The Central Bank Of Nigeria CBN has imposed fresh cash withdrawal limits on individuals and organisations, which takes effect from January 9, 2023.

According to a new memo to banks issued today and signed by the Director of Banking Supervision, Haruna .B. Mustafa, individuals will only be able to withdraw N100,000 per week ( from over-the-counter, Point of Sale (POS Machines) or the Automated Teller Machines ATM). At the same time, organisations can access N500,000 per week.

Banks have also been directed to load only N200 and lower denominations into their ATM.

The letter addressed to all banks and other financial institutions, said cash withdrawals above the stated limit shall attract a processing fee of 5 per cent for individuals and 10 per cent for corporates.

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