A new regulation published by the Central Bank of Nigeria (CBN) requires deposit money banks and other financial institutions to make sure that over-the-counter cash withdrawals by individuals and corporate entities do not exceed N100,000 and N500,00, respectively, per week.
On January 9, 2023, the revised cash withdrawal caps outlined in the apex bank’s circular will come into full force across the country.
All cash withdrawals over the specified restrictions will be subject to processing fees of 5% and 10%, respectively, once the policy goes into force.
Only a few weeks have passed since President Muhammadu Buhari introduced the freshly redesigned N200, N500, and N1000 banknotes.
Recall that the apex bank had while introducing the new bank notes complained about the amount of cash outside the bank’s vault.
This new development will have Nigerians tilt towards the cashless policy as they will be forced to make transactions via point of sales and other online payment platforms for transactions above the new cap.
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