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Breaking: Naira Redesign: Withdraw cash over 100,000 naira, 500,000 naira attracts 5% and 10% fees

The Central Bank of Nigeria, CBN, has issued a revised cash withdrawal policy, stating that cash withdrawals above N100,000 and N500,000 will henceforth attract 5 per cent and 10 per cent, respectively, as a measure towards implementing the naira redesign policy.

Also, the main bank revealed that the ATMs will only dispense N200 and lower denominations from now on.

The Daily Post learned in a letter signed by the Director of Banking Supervision at the Central Bank of Nigeria, Haruna Mustafa, to all money deposit banks, other financial institutions, primary mortgage banks and microfinance banks on Monday.

According to the letter referred to in BSD/DIR/PUB/LAB/015/069, a third party check above N50,000 will not be eligible for over-the-counter, OTC, and ATM withdrawals must be a maximum of N20,000 per day.

It added that the maximum cash withdrawal via Point of Sale (PoS) should be 20,000 naira.

“The maximum over-the-counter (OTC) cash withdrawal by individuals and institutions per week from now on shall be N100,000 and N500,000 respectively.

“Withdrawals exceeding these limits will attract a processing fee of 5% and 10% respectively; third party checks over 50,000 naira will not be eligible for over-the-counter payment, while the remaining 1,000,000 naira limits on clearing checks remain; The maximum cash withdrawal per week via an Automated Teller Machine (ATM) shall be 100,000 Naira, provided that the maximum cash withdrawal per day is 200,000 Naira; only denominations of N200 and below shall be loaded into ATMs; the maximum limit shall be For cash withdrawals via a Point of Sale (PoS) terminal is N20,000 per day and in force majeure circumstances, not to exceed once a month, where cash withdrawals above specified limits are required for legitimate purposes, such cash withdrawals shall not exceed N5, the letter stated: 000,000 and 10,000,000 for individuals and institutions.

CBN on October 26 announced its plan to redesign the 200, 500 and 1000 naira notes. It gave December 15, 2022 as the date for the new banknotes to start trading, while it plans to stop using old naira notes from January 31, 2023.

Breaking: Naira Redesign: Withdraw cash over 100,000 naira, 500,000 naira attracts 5% and 10% fees

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