Naira Redesign: CBN Introduces New Cash Withdrawal Limits

James Emejo in Abuja

The Central Bank of Nigeria (CBN) Tuesday announced revised cash withdrawal limits in banks and other financial institutions following its recent currency redesign project.

Under the new dispensation, the central bank restricted the maximum cash withdrawal over the counter (OTC) by individuals and corporate organisations per week to N100,000 and N500,000 respectively.

This was contained in the CBN letter dated December 6, 2022, and directed to all Deposit Money Banks, and Other Financial Institutions, Payment Service Bank (PSBs), Primary Mortgage Banks (PMBs) and Microfinance Banks (MFBs).

The correspondence was signed by CBN Director, Banking Supervision Department, Mr. Haruna Mustafa.

The CBN stated however, that withdrawals above these thresholds will attract processing fees of 5 per cent and 10 respectively for individuals and corporate entities going forward.

Details later….