The Central Financial institution of Nigeria has imposed recent money withdrawal limits on people and organisations, which takes impact from.
Impact from January 9, 2023, people will solely be capable of withdraw N100,000 per week ( from over-the-counter, Level of Sale Machines or the Automated Teller Machines), whereas organisations can entry N500,000 per week.
Banks have additionally been directed to load solely N200 and decrease denominations into their ATM.
A brand new memo to banks issued on Tuesday and signed by the Director of Banking Supervision, Haruna .B. Mustafa, acknowledged that “Additional to the launch of the redesigned naira notes by the President, Main Basic Muhammadu Buhari (retd.), on Wednesday, November 23, 2022, and in keeping with the cashless coverage of the CBN, all deposit cash banks and different monetary establishments are hereby directed to notice and adjust to the next:
“The utmost money withdrawal over-the-counter by people and company organisations per week shall henceforth be N100,000 and N500,000 respectively.
“Withdrawals above these limits shall appeal to processing charges of 5% and 10%, respectively; Third-party cheques above N50,000 shall not be eligible for cost over-the-counter, whereas extant limits of N10,000,000 on clearing cheques nonetheless subsist; The utmost money withdrawal per week by way of Automated Teller Machine shall be N100,000 topic to a most of N20,000 money withdrawal per day; Solely denominations of N200 and under shall be loaded into the ATMs; The utmost money withdrawal by way of the purpose of sale terminal shall be N20,000 each day.”
The CBN mentioned in compelling circumstances, not exceeding as soon as a month, the place money withdrawals above the prescribed limits could be required for official functions, such money withdrawals shall not exceed N5,000,000.00 and N10,000,000.00 for people and company organisations, respectively, and shall be topic to the referenced processing charges in (1) above, along with enhanced due diligence and additional data necessities.
It additionally mentioned banks have been required to acquire the next data on the minimal and add similar on the CBN portal created for the aim:
“Please additional observe the next: i. Month-to-month returns on money withdrawal transactions above the desired limits ought to be rendered to the Banking Supervision Division. ii. Compliance with extant AMUCFT laws regarding the KYC, ongoing buyer due diligence and suspicious transaction reporting and so on., is required in all circumstances. iii. Clients ought to be inspired to make use of various channels (web banking, cell banking apps, USSD, playing cards/POS. eNaira, and so on.) to conduct their banking transactions.
“Lastly, please observe that aiding and abetting the circumvention of this coverage will appeal to extreme sanctions.
“The above regulatory directives take impact nationwide from January 9, 2023. Please be guided accordingly,” the memo added.
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