The Central Bank of Nigeria (CBN) has instructed Deposit Money Banks and other financial institutions to ensure that weekly over-the-counter (OTC) cash withdrawals by individuals and corporate entities do not exceed N100,000 and N500,000, respectively.
This regulatory directives is to take effect nationwide from January 9, 2023.
The CBN further fixed daily maximum withdrawals via point of sale (PoS) terminal at N20,000.
“The maximum cash withdrawal per week via Automatic Teller Machine (ATM) shall be N100,000 subject to a maximum of N20,000 cash withdrawal per day.
“Only denominations of N200 and below shall be loaded into the ATMs.”