CBN Raises Weekly Cash Withdrawal Thresholds to N500K/N5M as Special Authorizations Are Ended

The CBN also stated that the cumulative weekly withdrawal limit across all channels has been reviewed to N500,000 for individuals and N5 million for corporates. Withdrawals above these thresholds will attract excess withdrawal charges as specified in the circular.

In addition, the special monthly authorisation that allowed individuals to withdraw N5 million and corporates N10 million once a month has been abolished.

For Automated Teller Machines (ATMs), daily withdrawal remains capped at N100,000 per customer, with a maximum of N500,000 weekly, which forms part of the overall weekly withdrawal limit applicable to all channels, including point-of-sale (POS) transactions.

The circular further disclosed that excess withdrawals above the stipulated limits will attract charges of 3 per cent for individuals and 5 per cent for corporate customers, shared in the ratio of 40 per cent to the CBN and 60 per cent to the operating bank or financial institution.

Banks have also been directed to load all currency denominations in ATMs, while the existing limit on over-the-counter encashment of third-party cheques remains pegged at N100,000. Such withdrawals will also be counted as part of the cumulative weekly limit.

Additionally, banks are required to render monthly returns to the relevant supervisory departments, including the Banking Supervision Department, Other Financial Institutions Supervision Department, and the Payments System Supervision Department.