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The Central Bank of Nigeria has directed old N200, N500, and N1,000 banknotes remain legal tender in line with the Supreme Court Judgement.
According to the press release by the Apex Bank on Monday 13th of March 2023 through the Ag. Director Corporate Communications, Isa Abdulmumin:
Click to continueThe Central Bank of Nigeria has revised the maximum weekly limit for cash withdrawals via all channels by corporate organisations and individuals to N5 million and N500,000 respectively.
This is a reaction to public outcry following the CBN new Cashless Policy which is barely 2 weeks old that restricts individuals and corporate organisations to maximum weekly cash withdrawals to N100,000 and N500,000 respectively.
The directive is contained in a letter issued by CBN on Wednesday 21st of December 2022 and signed by the director of banking supervision department, Haruna M.
“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.
“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 of the payee, tax identification number 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 CBN also states: “Compliance with extant AML/CFT regulations relating to the KYC, ongoing customer due diligence and suspicious transaction reporting etc. is required in all circumstances.
“Customers should be encouraged to use alternative channels (internet banking, mobile banking apps, USSD, cards/POS, eNaira, etc.) to conduct their banking transactions.
“All banks and OFls are to note that aiding and abetting the circumvention of this policy will attract severe sanctions,
“The above directives supersede that of December 6, 2022 and take effect nationwide from January 9, 2023,” the Apex Bank said.
