After being criticized and praised for many days, the Central Bank of Nigeria has changed its rules about cash withdrawals.
The Apex Bank told banks about this in a circular, and Information Nigeria got a copy of the circular today.
According to the CBN, the weekly cash withdrawal limit for individuals will now be N500,000, up from N100,000. The limit for corporate organizations will increase from N500,000 to N5million.
CBN talked about the new policies in light of the changes.
“The most cash that an individual or business can withdraw in a week through all channels is 500,000 naira and 5,000,000,00 naira, respectively.”
“If you need to withdraw more than a certain amount of cash for a good reason, your request will be processed for free by 3% and 5% for individuals and corporate organizations, respectively.”
CBN, on the other hand, put a lot of emphasis on the documents that customers needed to give in order for the latest development to happen.
“In addition to (2) above, the financial institution must get at least the following information from its customers and post it on the CBN portal that was made for this purpose.”
The organization also said that if a customer wants to withdraw more money than what is allowed, the bank must get the following documents from the customer and send them to the CBN for approval.
“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.”
“Checks from third parties for more than 100,000 naira will not be able to be paid over the counter, and the current limit of 10 million naira for clearing checks will stay in place.”