The Central Bank of Nigeria has revisited the earlier decisions it made regarding cash withdrawals after receiving criticism and praise for several days.
This information was disclosed by The Apex Bank in a circular to banks that was today made accessible to Information Nigeria.
The CBN reports that the weekly cash withdrawal limit for individuals would now be N500,000 instead of N100,000, and that for corporate organizations will now be N5,000,000 instead of N500,000.
In light of the recent developments, CBN highlighted the new policy.
“The maximum weekly limit for cash withdrawal across all channels by individuals and corporate organizations shall be 500,000 naira and 5,000,000,00 respectively.”
“In compelling circumstances where cash withdrawal above is required for legitimate purpose, such request shall be subjected to a processing free of 3% abd 5% for individuals and corporate organizations respectfully.”
CBN, however, emphasized the importance of the paperwork that consumers must provide in order to access the most recent development.
“Further to (2) Above, the financial institution shall obtain the following information from the customers at the minimum, and upload same on the CBN portal created for the purpose.”
The organization further stated that the following documentation must be obtained from customers and submitted to the CBN for approval before banks can handle any cash withdrawal requests that exceed predetermined limitations.
The details consist of, “valid means of identification of the Payee (National ID, international passport), Bank Verification Number (BVN) of the Payee, Tax identification number (TIN) of both the Payee and the payer, Approval in writing by MD/CEO of the financial institution authorizing the withdrawal.”
“Third-party cheques above 100,000 shall not be eligible for payment over the counter, while the extant limit of 10 million naira on clearing cheques still subsists.”
