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Cashless Policy: Nigerians now entitled to only N14,000 cash withdrawal per day – FG

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ATM’s to dispense only N200 and N100 naira notes 

The Federal Government of Nigeria (FGN) has issued a directive to all Deposit Money Banks (DMBS) and Other Financial Institutions (Payment Service Banks (PSBs), Primary Mortqaqe Banks (PMBs) and Microfinance Banks (MFBs) with effect from January 9, 2023 to limit cash withdrawal by bank account holders to N14,000 per day in line with the Central Bank of Nigeria (CBNs) cashless policy.

This was disclosed in a statement issued by Haruna B. Mustafa, Director of Banking Supervision of the Central Bank of Nigeria (CBN) on Tuesday.

READ ALSO: CBN to launch new Naira notes December

Also, individuals and companies are limited to withdraw N100,000 and N500,000 per week

“The maximum cash withdrawal over the counter (OTC) by individuals and corporate organizations per week shall henceforth be N100,000 and N500,OOO respectively. Withdrawals above these limits shall attract processing fees of 5% and 10%, respectively.

“Third party cheques above N50,OOO shall not be eligible for payment over the counter, while extant limits of N10,000,000 on clearing cheques still subsist.

“The maximum cash withdrawal per week via Automated 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

“The maximum cash withdrawal via point of sale (POS) terminal shall be N20,000 daily.

“In compelling circumstances, not exceeding once a month, where cash withdrawals above the prescribed limits is required for legitimate purposes, such cash withdrawals shall not exceed and for individuals and corporate organisations, respectively, and shall be subject to the referenced processing fees in (I) above, in addition to enhanced due diligence and further information requirements.

Also, the affected financial institutions 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 ID, International Passport, Driver’s License).

b. Bank Verification Number (BVN) of the payee.

c. Notarized customer declaration of the purpose for 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.

Also, the institutions who carry out “monthly returns on cash withdrawal transactions above the specified limits should be rendered to the Banking Supervision Department.

ii. Compliance with extant AML/CFT regulations relating to 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.”

The apex also noted that “aiding and abetting the circumvention of this policy will attract severe sanctions.”

 

 

 

 

 

 

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1 Comment
  1. Adamu abdulmumini says

    Allah mugode

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