• Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
  • Print Advert Rates
  • Online Advert Rates
  • Contact Us
Wednesday, September 10, 2025
Leadership Newspapers
Read in Hausa
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
Leadership Newspapers
No Result
View All Result

BREAKING: CBN Slashes Daily Withdrawal Limit To N20,000

by Bukola Idowu
3 years ago
in Business
Reading Time: 2 mins read
cbn
Share on WhatsAppShare on FacebookShare on XTelegram

Ahead of the release of the newly redesigned Naira notes, the Central Bank of Nigeria (CBN) has made good its warning that it will greatly restrict the use of cash in the Nigerian economy going forward as it placed a N20,000 daily withdrawal limit on individual accounts and N50,000 limit on over the counter third party cheques.

Advertisement

CBN governor, Godwin Emefiele, had prior to announcing the redesigning of the naira mentioned plans to ensure that the Nigeran economy goes 100 per cent cashless.

In canvassing for the redesigning of the N200, N500 and N1,000 notes, he had also mentioned that the higher denominated notes will be used as only a store of value as only more of the lower notes will be in circulation.

True to this, the apex bank in a circular dated December 6, 2022 and signed by the CBN Director, Banking Supervision, Haruna Mustafa, stated that effective January 9, 2023, only N200 notes and below will be loaded by banks into their Automated Teller Machines (ATMs).

According to the circular, which was issued to all deposit money banks, payment service banks, microfinance banks and primary mortgage banks in the country, individuals and corporate organisations withdrawal limits are not to exceed N100,000 and N500,000 per week.

Withdrawals above these limits, the circular stated, will attract processing fees of five per cent for individuals and 10 per cent for corporate organizations.

“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,” it said.

The circular also stated that the maximum cash withdrawal per week via ATM shall be N100,000 subject to a maximum of N20,000 cash withdrawal per day as “only denominations of N200 and below shall be loaded into the ATMs.
likewise, the maximum cash withdrawal via point of sale (PoS) terminal was fixed at N20,000 daily.

“In compelling circumstances, not exceeding once a month, where cash withdrawals above the prescribed limits is required for legitimate purposes, such cash withdrawals shall not exceed N5,000,000.00 and N10,000,000.00 for individuals and corporate organizations, respectively, and shall be subject to the referenced processing fees in (1) above, in addition to enhanced due diligence and further information requirements.”

RELATED

Agusto & Co Rates Heirs Insurance Group’s Life, General Businesses ‘A1’

Agusto & Co Rates Heirs Insurance Group’s Life, General Businesses ‘A1’

4 hours ago
Agama Assumes Office As Acting SEC DG

Leverage Capital Market Opportunities To Raise Funds, SEC Urges Insurers

4 hours ago

To be eligible for the special withdrawals above the stipulated limit, the CBN said individuals and corporate organizations will have to upload on a CBN portal created for the purpose valid means of identification of the payee such as National ID, International Passport, Driver’s License, Bank Verification Number (BVN) of the payee.

CBN, Stakeholders Collaborate To Check Rising Cyber Attacks

Also, to be made available to the CBN will be the notarised customer declaration of the purpose for the cash withdrawal, senior management approval for the withdrawal by the Managing Director of the drawee, where applicable and approval in writing by the MD/CEO of the bank authorizing the withdrawal.

The CBN also directed that banks provide “monthly returns on cash withdrawal transactions above the specified limits should be rendered to the Banking Supervision Department, compliance with extant AML/CFT regulations relating to KYC, ongoing customer due diligence and suspicious transaction reporting etc. is required in all circumstances, customers should be encouraged to use alternative channels (internet banking, mobile banking apps, USSD, cards/POS, eNaira, etc.) to conduct their banking transactions” adding that aiding and abetting the circumvention of this policy will attract severe sanctions.

Join Our WhatsApp Channel

SendShare10496Tweet6560Share
ADVERTISEMENT
Previous Post

Kwara Supports 490 SMEs With Interest-free Loans

Next Post

2022 COAS Confab: Group Commends Army’s Apolitical Stance

Bukola Idowu

Bukola Idowu

You May Like

Agusto & Co Rates Heirs Insurance Group’s Life, General Businesses ‘A1’
Business

Agusto & Co Rates Heirs Insurance Group’s Life, General Businesses ‘A1’

2025/09/10
Agama Assumes Office As Acting SEC DG
Business

Leverage Capital Market Opportunities To Raise Funds, SEC Urges Insurers

2025/09/10
Insurance Firms Begin Self-prescribed Recapitalisation As Minimum Capital Controversy Rages
Business

Guinea Insurance Premium Hits N2.94bn As Shareholders Approve Recapitalisation Plan

2025/09/10
Tourism Ministry, NIHOTOUR Partner To Upskill Tour Operators In Ekiti
Business

‘Travel Agencies’ Group Achieves 50% Self-regulatory Ecosystem’

2025/09/10
United Nigeria Plans Routes Expansion, Signs Agreement For 6 Aircraft With Southwest Airlines
Business

United Nigeria Plans Routes Expansion, Signs Agreement For 6 Aircraft With Southwest Airlines

2025/09/10
Federal Government Plans Abuja Airport Decarbonisation
Business

Federal Government Plans Abuja Airport Decarbonisation

2025/09/10
Leadership Conference advertisement

LATEST

Resident Doctors Mull Nationwide Strike As Ultimatum To Federal GGovernment Expires

JUST-IN: Why We Can’t Sanction Politicians For Early Campaigns — INEC

Owo Church Attack: Court Denies Suspected Terrorists Bail, Fixes Date For Trial

2026 WC Qualifier: NFF Criticises Dessers, Faults Ekong After Super Eagles’ Draw With South Africa

Federal Government Gazettes New Tax Laws, Exempts Small Businesses From Corporate Tax

Ex-Nepal PM Khanal’s Wife Dies After Protesters Set Home Ablaze

JUST-IN: NCAA Bars Pilots From Flying With Unruly Passenger

IAWPA Hails Amb. Iweajunwa For Promoting Goal 9 Of SDGs

Institute Cautions Federal Government Against New Borrowing

Judge Blocks Trump’s Attempt To Sack Federal Reserve Governor Lisa Cook

© 2025 Leadership Media Group - All Rights Reserved.

No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us

© 2025 Leadership Media Group - All Rights Reserved.