CBN Reviews Over-the-Counter Withdrawal Limits

The Central Bank of Nigeria has released a new cash guidelines on over-the-counter withdrawals with effect from January 2023.

According to the apex bank:

1. N100,000 and N500,000 weekly limit for personal and corporate accounts
2. Amounts over that limit attract a 5% and 10% processing charge respectively
3. Maximum withdrawal limit from ATM is N20,000 daily and N100,000 weekly
4. Only N200 notes will be loaded into the ATM
5. Maximum withdrawal via POS is N20,000 daily
6. In exceptional cases and not more than once a month, the amounts of N5m and N10m for personal and corporate accounts can be accessed. This will require approvals and payments of all effective charges (5% and 10% respectively).

Effective January 9, 2023