In a bid to forster its cashless policy, the Central Bank of Nigeria(CBN) has imposed a limit on cash withdrawals for individuals to N100,000 weekly and N500,000 weekly for corporates in the country.
CBN revealed this in a circular with reference number, BSD/DIR/PUB/LAB/015/069 directed to banks and other financial institutions dated December 6, 2022.
The circular is titled, ‘Letter to All Deposit Money Banks (DMBS) and Other Financial Institutions (Payment Service Banks (PSBs), Primary Mortgage Banks (PMBs) and Microfinance Banks (MFBs):
Naira Redesign Policy — Revised Cash Withdrawal Limits.’
According to the CBN withdrawals above the limits attract five per cent processing fee for individuals and 10 per cent for corporates.
The development is coming two weeks after the bank unveiled its newly redesigned notes of N1,000, N500 and N200 note on November 23, 2022.
The bank had in October lamented that 85 per cent of the money in circulation are not in the bank vaults and is hoarded by the public.