Image

CBN RESTRICT COUNTER WITHDRAWAL TO N100,000, N500,000 WEEKLY FOR INDIVIDUALS AND CORPORATE ORGANIZATION

The Central Bank of Nigeria (CBN) has announced a new policy that mandates banks and other financial institutions to ensure that over-the-counter cash withdrawals by individuals and corporate entities do not exceed N100, 000 and N500, 000, respectively, per week.


The revised cash withdrawal limits, contained in a circular issued today will take effect nationwide on January 9, 2023.


The new policy stated that the maximum cash withdrawal via automated teller machine shall be restricted to N100,000 subject to a maximum of N20,000 cash withdrawal per day and further restricted point of sales (POS) withdrawal to N20,000 daily.


It further stated that only denomination of N200 and below shall be loaded in automated teller machine (ATM).


The new policy encourage customers to use alternative channels such as internet banking, Mobile banking app, USSD, eNaira e.tc


After the policy takes effect, all cash withdrawals in excess of the stated limits will attract processing fees of 5% and 10%, respectively.


The new policy is coming barely weeks after President Muhammadu Buhari launched the newly redesigned N200, N500, and N1000 banknotes.

Comments


This is Rising!

  • Image

    NIGERIA GOVERNORS TO DELIBERATE ON COVID-19, PE...

  • Image

    CHINA DEBT TRAP DIPLOMACY: WHY NIGERIA SHOULD B...

  • Notice (8): Trying to access array offset on value of type null [ROOT/plugins/EonsNews/src/Template/Pages/details.ctp, line 159]" alt="Image" />

    Notice (8): Trying to access array offset on value of type null [ROOT/plugins/EonsNews/src/Template/Pages/details.ctp, line 169]/details/special-report-90785645/">
    Notice (8): Trying to access array offset on value of type null [ROOT/plugins/EonsNews/src/Template/Pages/details.ctp, line 170]

  • Image

    NIDCOM REACT TO VIRAL VIDEO OF NIGERIA MAN TORT...

  • Image

    HOW BOKO HARAM/ISWAP TAX FISHERMEN AROUND LAKE ...

  • Image

    EXCELLENCE TAKES CENTRE STAGE AT ASIS AWARD NIGHT

  • Image

    THE STATE OF SOMALIA AND THE PROSPECT FOR A RET...

  • Image

    OSIMHEN WINS LIILE PLAYER OF THE SEASON AWARD

  • Image

    BREAKING: LAYCON WINS BIG BROTHER NAIJA SEASON 5

  • Image

    WE HAVE BEEN ABLE TO PREVENT FOOD CRISIS AMID C...

  • Image

    OGUN AND ANAMBRA GET NEW POLICE COMMISSIONER

Join WhatApp Group