ASHENEWS reports that the Central Bank of Nigeria (CBN) has announced a new policy for over-the-counter withdrawals from banks and other financial institutions by individuals and corporate organizations.
A circular from the apex bank issued on Tuesday puts January 9, 2023 as the effective date for the takeoff of the policy nationwide.
According to CBN, while individuals would only be able to withdraw N100,000, corporate organisations will only be allowed to withdraw N500,000 over the counter per week.
The new policy stated that the maximum cash withdrawal via automated teller machine shall be restricted to N100,000 subject to a maximum of N20,000 cash withdrawal per day and further restricted point of sales (POS) withdrawal to N20,000 daily.
It further stated that only denominations of N200 and below shall be loaded in automated teller machine (ATM).
The new policy, according to CBN encourages customers to use alternative channels such as internet banking, Mobile banking app, USSD, eNaira, e.t.c. for financial transactions.
After the policy takes effect, all cash withdrawals in excess of the stated limits will attract processing fees of 5% and 10%, respectively.
The new policy is coming barely weeks after President Muhammadu Buhari launched the newly redesigned N200, N500, and N1000 banknotes.
