Tobi Osindero
The Central Bank of Nigeria (CBN) has reviewed the limit of weekly cash withdrawals for individuals and corporate organisations in the country.
This was announced in a circular addressed to commercial banks on Wednesday.
The CBN increased withdrawal limits to N500,000 and N5 million for individuals and corporate organisations, respectively.
The apex bank said that the decision was based on the feedback received from stakeholders.
ThisNigeria reported that the apex bank had limited weekly cash withdrawals for individuals to N100,000 and N500,000 for corporate organisations.
“The CBN hereby makes the following reviews: (1) the maximum weekly limit for cash withdrawal across all channels by individuals and corporate organisations shall be N500,000.00 and N5,000,000.00 respectively.
“2. In compelling circumstances where cash withdrawal above the limits in (1) is required for legitimate purposes, such requests shall be subject to a processing fee of three per cent and five per cent for individuals and corporate organisations, respectively.
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“Further to (2) above, the financial institution shall obtain the following information from the customer, at the minimum, and upload same on the CBN portal created for the purpose: valid means of identification of the payee (national ID, international passport, or driver’s license), bank verification number (BVN) of the payee, tax identification number (TIN) of both the payee and the payer, and an approval in writing by the MD/CEO of the financial institution authorising the withdrawal.
“Third party cheques above N100,000 shall not be eligible for payment over-the-counter, while the extant limit of N10 million on clearing cheques still subsist,” the circulaar read in part.
