Cash Withdrawal Policy: CBN Increases Weekly Limit To N500,000, N5m For Individuals, Corporate Bodies

After many days of knocks and praises, the Central Bank of Nigeria has reviewed the policies earlier made regarding cash withdrawals.
The Apex Bank made this know in a circular to banks and made available to Information Nigeria today.

According to CBN, the weekly cash withdrawal limit will now be N500,000 for individuals as against the N100,000 limit, while that for corporate organisations will now be N5million from the the previous peg of N500,000.

CBN highlighted the new policies regards the new changes.

“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, stressed on the required documents needed from the customers to be allowed for the latest 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 institution added that before banks can process any cash withdrawal request above specified limits, the financial institution must get the following documents from their customers and forward them to the CBN for approval.

The information include, “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 subsist.”