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

Naira Redesign policy: 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.

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