The Central Bank of Nigeria, CBN says starting from January 9, individuals and companies can only withdraw a maximum of N100,000 and N500,000 cash, respectively, in a week over the counter.
The new directives also affect other withdrawal platforms, including Point of Sale (PoS), Automated Teller Machines (ATM)
and cheque-based transactions.
Under this new policy, individuals and companies withdrawing cash directly from the bank are expected to pay five per cent and 10 per cent on withdrawals above the approved limit.
The apex bank also pegged the maximum cash withdrawal through ATMs at N100,000 weekly and a maximum daily withdrawal of N20,000.
Similarly, the maximum cash withdrawal through the POS terminals shall be N20,000 daily.
✍️ Gbadamosi TOHEEB
