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BREAKING: CBN Announces Fresh Cash Withdrawal Limits, ₦100,000 For Individual, ₦500,000 For Cooperate

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1 year ago

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  • Biggest ATMs Denomination Now N200

 

The Central Bank of Nigeria (CBN) has placed new limitations on cash withdrawals following the launch of the redesigned Naira notes by President Muhammadu Buhari last month.

In a letter seen by Business Post on Tuesday, all Deposit Money Banks (DMBS) and Other Financial Institutions (Payment Service Banks (PSBs), Primary Mortgage Banks (PMBs) and Microfinance Banks (MFBs) must not allow individuals and corporates to withdraw more than N500,000 while cheques above N50,000 shall not be available.

It noted that in line with the cashless policy of the CBN, all financial institutions must comply with the directives, which include, “The maximum cash withdrawal over-the-counter (OTC) by individuals and corporate organizations per week shall henceforth be N100,000 and N500,000 respectively.

The apex bank noted that individuals and companies intending to go above the fresh cash withdrawal limits should be ready to pay processing fees of 5 percent and 10 percent, respectively.

“Third-party cheques above N50,000 shall not be eligible for payment over the counter, while extant limits of N10,000,000 on clearing cheques still subsist.

“The maximum cash withdrawal per week via Automated Teller Machine (ATM)) shall be N100,000, subject to a maximum of 20,000 cash withdrawals per day. 4. Only denominations of N200 and below shall be loaded into the ATMs.

“The maximum cash withdrawal via point of sale (POS) terminal shall be N20,000 daily.”

In compelling circumstances, not exceeding once a month, where cash withdrawals above the prescribed limits are required for legitimate purposes, the apex bank noted that such must not exceed N5 million and N10 million for individuals and corporate organisations, respectively.

It noted that this should be subject to the referenced processing fees in addition to enhanced due diligence and further information requirements.

The CBN noted that the financial institutions are required to obtain the following information at the minimum and upload the same on a portal created for the purpose, including a valid means of identification of the payee (National ID, International Passport, Driver’s License).

Others include the Bank Verification Number (BVN) of the payee, notarized customer declaration of the purpose for the cash withdrawal, and senior management approval for the withdrawal by the Managing Director of the drawee, where applicable, as well as the approval in writing by the MD/CEO of the bank authorising the withdrawal.

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BIG STORY

BREAKING: Customs Chief Abdullahi Magaji Shoots Self Dead In Kano

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2 hours ago

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May 13, 2024

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Abdullahi Abdulwahab Magaji, a Chief Superintendent of the Nigeria Customs Service (NCS), has tragically taken his own life in Kano State.

According to Daily Sun, Magaji, who was serving at the NCS headquarters in Abuja, reportedly shot himself with a pump-action gun at his residence in Kano a few days ago.

The motive behind his action remains unclear.

It was gathered that the Kano State Police Public Relations Officer, Haruna Abdullahi Kiyawa, confirmed the incident, stating that “a full-scale investigation has been initiated.”

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Police Confirm Rescue Of 14 Kidnapped Confluence University Students In Kogi

Published

3 hours ago

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May 13, 2024

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The Nigeria Police, Kogi State Command, has confirmed the rescue of 14 students of Confluence University of Science and Technology, Osara, who were abducted by unknown gunmen on Thursday, May 9 while on campus preparing for their first semester examinations.

According to Daily Post, the Police Public Relations Officer, SP William Ovye Aya via a WhatsApp message on Sunday, confirmed that 14 students were rescued by the joint security operations carried out since the incident happened on Thursday.

He said the rescued students have been taken to hospital for medical assistance, stressing that the police and other security agencies in the state will continue to guarantee security of lives and properties.

Earlier, the state Commissioner for Information and Strategy, Kingsley Fanwo had issued a press statement on the rescue of the students from the kidnappers.

He commended the gallant efforts of all the security agents who went all out to rescue the students from their abductors, saying the unknown gunmen were confronted with superior power that made them abandon their victims.

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Labour Unions Picket NERC Offices In Lagos, Abuja Over Electricity Tariff Hike [PHOTOS]

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3 hours ago

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May 13, 2024

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Members of organised labour are currently occupying Nigerian Electricity Regulatory Commission (NERC) offices nationwide.

The rise in energy rates for users in the Band A category is being opposed by the Nigeria Labour Congress (NLC), Trade Union Congress (TUC), and other affiliated organisations.

The power rate for users in the classification was approved by NERC on April 3 and is now N225 per kwh instead of N66.

The demand from organised labour is for the increase to be reversed and for talks to resume.

The unionists, on Monday, arrived at the NERC office located at Novel House in Ikeja, Lagos, around 9:40am.

Addressing workers at the complex, Funmi Sessi, NLC Lagos chairperson, asked them to vacate their offices.

Sessi said the unions do not understand the regulatory functions of NERC amid the epileptic power supply in the country.

In Abuja, the unions besieged the NERC office located in the Central Business District.

Labour has also shut NERC offices in Jos, Akwa Ibom, Benin, Kaduna and in other capital cities across the country.

 

See photos below:

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