Posted by The Central Bank of Nigeria’s policy restricting daily cash withdrawals goes into effect across the country today, Monday, January 9.
The maximum weekly limit for cash withdrawals by individuals and business organizations across all channels under this arrangement is N500,000 and N5,000,000, respectively, according to The kuryaloaded. If a person or organization needs to withdraw more money than is allowed by law in order to perform lawful business, a processing fee of 3% or 5% will be applied.
Additionally, the financial institutions are required to collect the following data from clients and upload it to the CBN portal set up for that purpose: valid proof of identity for the payee (driver’s license, passport, or national ID); The payee’s bank verification number; both the payer’s and the payee’s tax identification number; approval of the withdrawal in writing from the financial institution’s managing director or chief executive officer.
The CBN reportedly instructed deposit money banks to stop paying clients who made over-the-counter withdrawals of fresh naira notes, according to The kuryaloaded.
To guarantee that the money circulates across the country prior to the deadline of January 31, 2023, when the old notes will no longer be accepted as legal tender, the central bank instead instructed the banks to fill their Automated Teller Machines with exclusively new notes.
According to reports, the top bank gave the banks the instruction on Wednesday and commanded that implementation start right away.
The banks protested that there wasn’t enough of the new notes available, so they loaded their ATMs with the old ones as of Friday, failing to comply with the instruction.