Alert: Central Bank of Nigeria Circular CCD 21b Dec 2022
Title: RE: Naira Redesign Policy - Revised Cash Withdrawal Limits
Summary: The Central Bank of Nigeria has revised the cash withdrawal limits for individuals and corporate organizations to a maximum of N500,000 and N1,000,000 respectively. In exceptional cases where withdrawals above these limits are necessary, a processing fee of 3% for individuals and 5% for corporate organizations will apply. Financial institutions are required to obtain customer information, including valid identification, BVN, TIN, and written approval from the MD/CEO for such withdrawals. Additionally, third-party cheques above N100,000 will not be eligible for payment over the counter.
Posted on: Wednesday, December 21, 2022
Download: CCD 21b Dec 2022