N200 now highest denomination at ATM, withdraw from POS N20, 000
Starting from January 9th, 2023, individuals in the country will not be able to with more than N100, 000 per week across the counter in Nigerian banks. While corporate entities are limited to N500, 000.
This part of the Central Bank of Nigeria’s (CBN) efforts to ensure that a large part of the money in circulation is within the control of the nation’s financial system and not outside the banking industry.
The Central Bank of Nigeria (CBN) which gave this order to Deposit Money Banks (DMOs) and other financial institutions told them to ensure that weekly over-the-counter (OTC) cash withdrawals by individuals and corporate entities do not exceed N100, 000 and N500, 000, respectively.
According to a circular signed by CBN Director of Banking Supervision, Haruna Mustafa, and made available to DMOs on Tuesday, the apex bank said the regulatory directives 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,” the bank also said, adding that the new policy is sequel to the launch of the redesigned N200, N500 and N1,000 notes by President Muhammadu Buhari on November 23, 2022.
CBN Governor, Godwin Emefiele had on October 26, 2022 announced the redesigning of the three bank notes, saying the new and existing currencies will remain legal tender and circulate together until January 31, 2023.
The apex bank believes that the redesigned notes will limit cash in circulation and therefore restricts the heinous activities of ransom-demanding kidnappers as well as politicians wont to rigging elections.
