Lagos, Dec. 22, 2022 – The Central Bank of Nigeria has bowed to pressure from the National Assembly to revise its cash withdrawal limits policy.
In a circular on Wednesday signed its Director of Banking Supervision, Haruna Mustafa, the CBN said it had reviewed upwards the maximum weekly limit for cash withdrawal across all channels by individuals and corporate organisations to N500,000 and N5 million, respectively.
It said that for transactions above the withdrawal limits, financial institutions would be required to get details of the customers and upload same on the CBN portal created for the purpose.
Such information will include a valid means of identification of the payee (national identity card, international passport, or driver’s license), Bank Verification Number of the payee, Tax Identification Number of both the payee and the payer, and approval in writing by the managing director/Chief Executive Officer of the financial institution authorising the withdrawal.
It also said that third-party cheques above N100,000 would not be eligible for payment over the counter, while the extant limit of N10 million on clearing cheques still subsists.
The CBN advised banks to encourage customers to use alternative channels (Internet banking, mobile banking apps, USSD, cards/Pos, eNaira, etc.) to conduct their banking transactions. (GBN)
