CBN limits withdrawal at PoS to N20,000

The Central Bank of Nigeria (CBN) has limited daily cash withdrawal at Point of Sale (PoS) terminals to N20,000.

The CBN also ordered banks to load only N200 and lower denominations into their Automated Teller Machine (ATM).

This was contained in a statement issued on Tuesday by the CBN’s Director of Banking Supervision, Haruna Mustapha.

The apex bank also set N500,000 as the maximum withdrawal by corporate organisations and N100,000 by individuals with effect from January 9, 2023.

The CBN noted that cash withdrawals above the stated limit will attract a processing fee of 5 per cent for individuals and 10 per cent for organisations.

It said the measure was in line with its cashless policy, urging all Deposit Money Banks (DMBs) and Other Financial Institutions (OFIs) to comply with the directive.

“The maximum cash withdrawal over the counter (OTC) by individuals and corporate organisations per week shall henceforth be N100,000 and N500,000 respectively.

“Withdrawal above these limits shall attract processing fees of five per cent and 10 per cent respectively.

“Third-party cheques above N50,000 shall not be eligible for payment over the counter, while extant limits of N10 million on clearing cheques still subsist.

“The maximum cash withdrawal per week via Automated Teller Machine (ATM) shall be N100,000 subject to a maximum of N20,000 cash withdrawal per day.

“Only of N200 and below shall be loaded into the ATMs,” the CBN stated.

The apex bank added that it would give concession in compelling circumstances, not exceeding once a month, where cash withdrawal above the prescribed limits was required for legitimate purposes.

“Such cash withdrawals shall not exceed five million Naira and N10 million for individuals and corporate organisations, respectively and shall be subject to the referenced processing fees,” it said.

The CBN noted that monthly returns on cash withdrawal transactions above the specified limits should be rendered to Banking Supervision Department.

“Compliance with extant AML/CFT regulations relating to KYC, ongoing customer due diligence and suspicious transaction reporting is required in all circumstances.

“Customers should be encouraged to use alternative channels, like Internet banking, mobile banking apps, USSD, cards/POS, and eNaira to conduct their banking transactions,” it added.

The Star