CASHLESS POLICY:  CBN bows to public outcry, reviews cash withdrawal limit

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The Central Bank of Nigeria (CBN) has bowed to the public outcry over its recent Cashless Policy by reviewing its cash withdrawal limit upward 15 days after issuing the policy as individuals can now withdraw N500,000 cash weekly and up to N5 million for corporate entities from 9th January, 2023.

In a circular issued on Wednesday and signed by the Director of Banking Supervision, Haruna B. Mustafa, the apex bank said: “The maximum weekly limit for cash withdrawal across all channels by individuals and corporate organizations shall be N500,000.00 and N5,000,000.00 respectively.

“The above directive supersedes that of December 6, 2022 and takes effect nationwide from January 9, 2023,” it noted.

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In the letter to all Deposit Money Banks (DMBS) and Other Financial Institutions Payment Service Banks (PSB), Primary Mortgage Banks (PMB).

Microfinance Banks (MFBs). Mobile Money Operators (MMOs) and Agents), CBN said the review was based on feedback it got from stakeholders after issuing the December 6 circular that limited cash withdrawal to N100,000 for individuals and N500,000 for companies.

However, CBN retained the caveat for legitimate cash withdrawal above the limits as such requests shall be subject to a processing fee of 3 per cent and 5% for individuals and corporate organizations respectively, but through a portal with the customer’s details, including valid ID card, tax ID and BVN.

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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, it noted.

“The CBN recognizes the vital role that cash plays in supporting underserved and rural communities and will ensure an inclusive approach as it implements the transition to a more cashless society,” CBN added.

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