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Naira Redesign policy: Cash withdrawal limits [CBN’s full text]

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Naira Redesign policy: Cash withdrawal limits [CBN’s full text]

 

Cash withdrawal limits [CBN's full text]

 

As a step toward implementing the naira redesign policy, The Central Bank of Nigeria, CBN, has released a new cash withdrawal policy that states withdrawals over N100,000 and N500,000 would now be subject to 5% and 10% fees, respectively.

 

The letter signed by CBN’s director of banking supervision, Haruna Mustafa, to all Deposit Money Banks, other financial institutions, primary mortgage banks and microfinance banks on Monday.

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According to the letter referenced with the BSD/DIR/PUB/LAB/015/069, a third-party cheque above N50,000 will not be eligible for payment Over the counter, OTC, and maximum ATM withdrawal shall be N20,000 per day.

 

CBN’s full text file below

 

RevisedCashWithdrawal