• Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
  • Print Advert Rates
  • Online Advert Rates
  • Contact Us
Thursday, August 14, 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
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.

RELATED

Firm Expands West African Presence, Launches in Nigeria

Firm Expands West African Presence, Launches in Nigeria

2 hours ago
Stransact Partners NRS To Enlighten Businesses About New Tax Law

Stransact Partners NRS To Enlighten Businesses About New Tax Law

2 hours ago

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.”

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.


We’ve got the edge. Get real-time reports, breaking scoops, and exclusive angles delivered straight to your phone. Don’t settle for stale news. Join LEADERSHIP NEWS on WhatsApp for 24/7 updates →

Join Our WhatsApp Channel




SendShareTweetShare
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

Firm Expands West African Presence, Launches in Nigeria
Business

Firm Expands West African Presence, Launches in Nigeria

2025/08/14
Stransact Partners NRS To Enlighten Businesses About New Tax Law
Business

Stransact Partners NRS To Enlighten Businesses About New Tax Law

2025/08/14
Firm Cautions BPP On Training, Issuing Practice  Licenses
Business

Firm Cautions BPP On Training, Issuing Practice Licenses

2025/08/14
‘Rice Farmers Unable To Meet Local Demands’
Business

Food Security: Liberia, Jigawa To Partner On Rice Farming

2025/08/14
IHS Posts Revenue Of $433.3m In Q2
Business

IHS Posts Revenue Of $433.3m In Q2

2025/08/14
Fidelity Bank Seeks Approval, Listing Of 3.2bn Shares On NGX
Business

Fidelity Bank Unveils 20 New Millionaires In Monthly Draws

2025/08/14
Leadership Conference advertisement

LATEST

IPAC Writes RSIEC Chairman, Rejects August 30 Rivers LG Elections

Ex-Rep Member Bagos Faults Naming Of KWAM 1 As Airport Security Ambassador

PICTORIAL: Police Arrest ‘Pastor’ Caught Flogging Unclad Children In Viral Video

Federal Gov’t Targets 60% Female Participation In New Skills Scheme

Father Of Murdered Kogi Photojournalist Dies 21 Days After Son’s Killing

2025 AfroBasket: Nigeria’s D’Tigers Cruise Winning Start, Outclass Madagascar 77–59

How NYSC Allowance Sparked My Journey Into Fashion World – Kohol

Firm Expands West African Presence, Launches in Nigeria

Students Hail Impact Of Loan Programme

Varsity Students Turn To AI For Smarter, Faster Learning

© 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.