The Central Bank of Nigeria has reviewed its cash withdrawal limit policy.
In a letter addressed to all Deposit Money Banks, primary mortgage banks and other financial institutions, the Bank says the maximum cash withdrawal limit per week for individuals will now be five hundred thousand naira from one hundred thousand.
While the limit for corporate organizations will be five million naira from three million naira.
The letter says the review is based on feedback received from stakeholders on the policy.
It adds that in compelling cases where withdrawal above the limit is required, such requests shall be subject to cash to a processing fee of 3% for individuals and five percent for corporate organizations.
In such instances, the financial institution shall notify the CBN of such request and upload the customers’ documents including his or her valid means of identification, BVN, Tax Identification Number, approval of the bank’s Managing Director authorizing the withdrawal to the apex bank.
It adds that monthly returns on cash withdrawal above the specified limit shall be made to the CBN on a monthly basis while compliance with the anti money laundry regulations will be monitored.
The statement says mobile money and bank agents shall remain a critical part of the financial system and will continue to provide payment services to the public especially in the rural areas.
It encouraged the banking public to make use of the alternative payment channels like mobile apps, USSD, cards, POS and the e-naira.