The Central Bank of Nigeria (CBN) has limited over-the-counter cash withdrawals by individuals and corporate entities to N100, 000 and N500, 000 respectively weekly.
According to a new memo to banks on Tuesday by the Director of Banking Supervision, Haruna B. Mustafa, individuals will only be able to withdraw N100,000 per week (from over-the-counter, Point of Sale Machines or the Automated Teller Machines) while organisations can access N500,000 per week.
Banks have also been directed to load only N200 subsist.
“3. The maximum cash withdrawal per week via Automated Teller Machine shall be N100,000 subject to a maximum of N20,000 cash withdrawal per day.
“4. Only denominations of N200 and below shall be loaded into the ATMs.
“5. The maximum cash withdrawal via the point-of-sale terminal shall be N20,000 daily.
“6. In compelling circumstances, not exceeding once a month, where cash withdrawals above the prescribed limits are required for legitimate purposes, such cash withdrawals shall not exceed N5,000,000.00 and N10,000,000.00 for individuals and corporate organisations, respectively, and shall be subject to the referenced processing fees in (1) above, in addition to enhanced due diligence and further information requirements.
“Further to (6) above, you are required to obtain the following information at the minimum and upload same on the CBN portal created for the purpose:
“a. Valid means of identification of the payee (National Identity Card, International Passport, Drivers License.).
b. Bank Verification Number of the payee.
c. Notarised customer declaration of the purpose of the cash withdrawal.
d. Senior management approval for the withdrawal by the Managing Director of the drawee, where applicable.
e. Approval in writing by the MD/CEO of the bank authorising the withdrawal.
“Please further note the following:
i. Monthly returns on cash withdrawal transactions above the specified limits should be rendered to the Banking Supervision Department.
ii. Compliance with extant AMUCFT regulations relating to the KYC, ongoing customer due diligence and suspicious transaction reporting etc., is required in all circumstances.
iii. Customers should be encouraged to use alternative channels (internet banking, mobile banking apps, USSD, cards/POS. eNaira, etc.) to conduct their banking transactions.”
