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Central Bank Of Nigeria - Urgent Announcement To Money Holder's

Dec 6, 2022
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Earlier today we receive an urgent announcement by the Central Bank Of Nigeria (CBN).

The announcement has comprised with the eligibility and criteria of money depositing and withdrawal.

Here the Urgent Announcement By The CBN

Letter To All Deposit Money Bank (DBMS) and othe financial institution (Payment Bervice Bank PSBs) Primary Mortgage Bank (PMBs) and Micro Finance Bank (MFBs)

Naira Redesign Policies - Revise Cash Withdraw Limit

Further to the lunch of redesign naira note by the president of the federal republic of Nigeria on Wednesday November 23- 2022 and in with cashless policy of the CBN. All Deposit Money Bank (DMBs) and othe Financial Institution are hereby to note and comply with the following policies.

    • The maximum cash withdraw over the counter (OTC) by individual or cooperate organization are henceforth be 100k and 500k per week respectively and withdrawal above this limit shall attract processing fee of 5% and 10% respectively.
     • Third party cheque shall not exceed 50k if exceed should not be eligible for payment over the counter while extant limit of 10M should not be subsist.
     • Maximum cash withdraw per week via Automatic Teller Machine ATM should be 100k to the maximum withdraw of 20k per day.
     • Only Denomination of 200 and below should be loaded in the ATM.
     • The Maximum cash withdrawal via Point Of Sale's POS terminal should be 20k every day.
     • In compelling circumstances not exceeding once per month, where cash withdraw exceeded above the prescribed limit is required to legitimate purpose such cash withdraw should not exceed 5M and 10M for individual and cooperate organization respectively. And should subject to the reference processing fess in the (1) above in addition to enhance due diligence and further information required.
     • Further to (6) above, you're required to obtain the following information at the at minimum and upload same on the CBN portal created for the purposes.

Announcement by (CBN)