BREAKING: CBN announces New Withdrawal Policies, Pegs ATM Withdrawals Limit at N20,000 daily, N100,000 weekly
President Muhammadu Buhari unveils New Naira Notes
President Muhammadu Buhari discloses New Naira Notes
The National Bank of Nigeria has given an order to business banks and monetary establishments restricting day to day ATM withdrawals to N20,000 while restricting over the counter withdrawals for people and corporate associations to N100,000 and N500,000 individually.
As indicated by the proclamation delivered on Tuesday, Dec 6, the modified approach will turn out to be completely functional from the ninth of January, 2023.
Peruse the full assertion underneath:
NAIRA Overhaul Strategy — Updated Money WITHDRAWAL Cutoff points
Further to the send off of the overhauled Naira notes by the Leader of the Government Republic of Nigeria, on Wednesday, November 23, 2022 and in accordance with the Money less strategy of the CBN, all store cash banks (DMBs) and other monetary establishments (0FIs) are thusly coordinated to note and conform to the accompanying:
1. The most extreme money withdrawal over the counter (OTC) by people and corporate associations each week will from this time forward be N100.000 and N500,000 separately.
Withdrawals over these cutoff points will draw in handling charges of 5% and 10%, separately.
2 Outsider checks above N50,000 will not be qualified for installment over the counter, while surviving constraints of 110,000.000 on clearing actually looks at still remain alive.
3. The greatest money withdrawal each week through Computerized Teller Machine (ATM) will be N100.000 subject to a limit of N20,000 cash withdrawal each day.
4 Just groups of N200 and underneath will be stacked into the ATMs.
5 The most extreme money withdrawal through retail location (PoS) terminal will be N20.000 everyday.
6. In convincing conditions, not surpassing one time each month, where cash withdrawals over as far as possible is expected for authentic purposes, such money withdrawals will not surpass 15,000,000.00 and 110,000.000.00 for people and corporate associations. separately, and will be dependent upon the referred to handling charges in (1) above, notwithstanding upgraded expected level of effort and additional data prerequisites.
a. Substantial method for recognizable proof of the payee (Public ID, Global Visa, Driver's Permit).
b. Bank Check Number (BVN) of the payee.
c. Legally approved client statement of the reason for the money withdrawal.
d. Senior administration endorsement for the withdrawal by the Overseeing Overseer of the drawee, where appropriate.
e. Endorsement recorded as a hard copy by the MD/Chief of the bark approving the withdrawal.
Kindly further note the accompanying: I. Month to month returns on cash withdrawal exchanges over as far as possible ought to be delivered to the Financial Management Division. Consistence with surviving AML/CFT guidelines connecting with KYC, continuous client a reasonable level of effort and dubious exchange revealing and so forth is expected in all conditions. Clients ought to be urged to utilize elective channels (web banking, portable banking applications, USSD, cards/POS. eNaira, and so on) to manage their financial exchanges.
At last, if it's not too much trouble, note that helping and abetting the avoidance of this approach will draw in serious approvals.
The above administrative orders produce results cross country from January 9, 2023.
If it's not too much trouble, be directed appropriately.
Haruna B. Mustafa
Overseer Of Banking Oversight
Review preceding the most recent turn of events, the CBN had portrayed the Naira overhaul as a convenient move to check unlawful monetary exercises inside the country.