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Just In: CBN Slashes Daily Withdrawal Limit To N20,000| Eaglessightnews
Ahead of the release of the newly redesigned Naira notes, the Central Bank of Nigeria (CBN) has made good its warning that it will greatly restrict the use of cash in the Nigerian economy going forward as it placed a N20,000 daily withdrawal limit on individual accounts and N50,000 limit on over the counter third party cheques.
CBN governor, Godwin Emefiele, had prior to announcing the redesigning of the naira mentioned plans to ensure that the Nigeran economy goes 100 per cent cashless.
In canvassing for the redesigning of the N200, N500 and N1,000 notes, he had also mentioned that the higher denominated notes will be used as only a store of value as only more of the lower notes will be in circulation.
True to this, the apex bank in a circular dated December 6, 2022 and signed by the CBN Director, Banking Supervision, Haruna Mustafa, stated that effective January 9, 2023, only N200 notes and below will be loaded by banks into their Automated Teller Machines (ATMs).
According to the circular, which was issued to all deposit money banks, payment service banks, microfinance banks and primary mortgage banks in the country, individuals and corporate organisations withdrawal limits are not to exceed N100,000 and N500,000 per week.
Withdrawals above these limits, the circular stated, will attract processing fees of five per cent for individuals and 10 per cent for corporate organizations. Sourced from Leadership news.
