The Central Bank of Nigeria (CBN) has pegged maximum daily withdrawals via Automated Teller Machines (ATMs) and Point Of Sale (PoS) terminals at N20,000.
The apex bank made this known on Tuesday in a circular to Deposit Money Banks (DMOs) and other financial institutions. The circular was signed by CBN Director of Banking Supervision, Haruna Mustafa.
The apex bank said the regulatory directives take effect nationwide from January 9, 2023.
The CBN said the new policy is sequel to the launch of the redesigned N200, N500 and N1,000 notes by President Muhammadu Buhari on November 23, 2022.
It directed DMOs to ensure that weekly over-the-counter (OTC) cash withdrawals by individuals and corporate entities do not exceed N100,000 and N500,000, respectively.
“The maximum cash withdrawal via point of sale (PoS) terminal shall be N20,000 daily.
“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.
“Only denominations of N200 and below shall be loaded into the ATMs,” the circular partly read.
CBN Governor, Godwin Emefiele had on October 26, 2022 announced the redesigning of the three bank notes, saying the new and existing currencies will remain legal tender and circulate together until January 31, 2023.
The apex bank believes that the redesigned notes will limit cash in circulation and therefore restricts the heinous activities of ransom-demanding kidnappers as well as politicians wont to rigging elections.
However, the Peoples Democratic Party (PDP) and some eminent Nigerians including Governor Godwin Obaseki of Edo State as well as the General Overseer of the Redeemed Christian Church of God (RCCG), Pastor Enoch Adeboye, have faulted the naira redesign as having no basis in economics.
Read CBN’s full circular:
