Revised Naira redesign policy: CBN says you’re entitled to N20,000 per day - ITREALMS

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The latest policy of the Central Bank of Nigeria (CBN) on the redesigned Naira notes has indicated that Nigerians are only entitled to N20,000 per day cash and N100,000 per week, reports ITREALMS.

CBN, in a circular BSD/DIR/PUB/LAB/015/069 sighted by ITREALMS addressed to “All Deposit Money Banks (DMBS) and Other Financial Institutions (OFIs) namely the Payment Service Banks (PSBs), Primary Mortgage Banks (PMBs) and Microfinance Banks (MFBs)” directed that this new policy takes effect from January 9, 2023.

According to Director, Banking Supervision at CBN, Mr. Haruna Mustafa, in the memo subtitled ‘Naira Redesign Policy - Revised Cash Withdrawal Limits’ said that further to the launch of the redesigned Naira notes by the President of Federal Republic of Nigeria, General Mohammadu Buhari, retired, on Wednesday 23, 2022 and in line with Cashless Policy of CBN, all DMBs and OFIs are hereby directed to note and comply with the following.

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

“Withdrawals above these limits shall attract processing fees of 5 per cent and 10 per cent respectively,” CBN said.

CBN, he said directed that third party cheques above N50,000 shall not be eligible for payment over the counter, while extant limits of N10,000,000 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 denominations of N200 and below shall be loaded into the ATMs.

“The maximum cash withdrawal via Point of Sale (PoS) terminal shall be N20,000 daily.

“In compelling circumstances, not exceeding once a month, where cash withdrawals above the prescribed limits is required for legitimate purposes, such cash withdrawals shall not exceed N5,000,000.00 and N10,000,000.00 for individuals and corporate organisations, respectively, and shall be subject to the reference processing fees in above, in addition to enhanced due diligence and further information requirements.

CBN equally stated that further to above, directed banks and related institutions to obtain the follow information at the minimum and upload same on the CBN portal created for the purpose.

ITREALMS gathered that some of the requirement will include valid means of identification of the payee, namely the National ID, International Passport, Driver’s License; Bank Verification Number (BVN) of the payee; notarized customer declaration of the purpose for the cash withdrawal; senior management approval for the withdrawal by the Managing Director of the drawee, where applicable and an approval in writing by the MD/CEO of the bank authorizing the withdrawal.

Remmy Nweke/DoP

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