The Central Bank of Nigeria (CBN)has increased the weekly limit for cash withdrawals across all channels by individuals and corporate organisations to N500,000 and N5 million, respectively.
The directive is contained in a circular issued by the bank
on Wednesday and signed by the director of banking supervision department,
Haruna Mustafa.
The development is coming two weeks after the CBN reduced
the weekly over-the-counter cash withdrawal limit for individuals to N100,000
and that of corporate organisations to N500,000.
The bank also reduced withdrawals at automated teller
machines and point-of-sale terminals to N20,000 per day.
The policy had generated mixed reactions among Nigerians.
In the circular, the apex bank said it made the upward
review based on feedback received from stakeholders.
“The CBN hereby makes the following reviews: (1) the maximum
weekly limit for cash withdrawal across all channels by individuals and
corporate organisations shall be N500,000.00 and N5,000,000.00 respectively.
“2. In compelling circumstances where cash withdrawal above
the limits in (1) is required for legitimate purposes, such requests shall be
subject to a processing fee of three per cent and five per cent for individuals
and corporate organisations, respectively.
“Further to (2) above, the financial institution shall
obtain the following information from the customer, at the minimum, and upload
same on the CBN portal created for the purpose: valid means of identification
of the payee (national ID, international passport, or driver’s license), bank
verification number (BVN) of the payee, tax identification number (TIN) of both
the payee and the payer, and an approval in writing by the MD/CEO of the
financial institution authorising the withdrawal.
“Third party cheques above N100,000 shall not be eligible
for payment over-the-counter, while the extant limit of N10 million on clearing
cheques still subsist.”
The CBN said monthly returns on cash withdrawal transactions
above the specified limits should be rendered to the banking supervision
department, other financial institutions supervision and payments system
management departments.
“Compliance with extant AML/CFT regulations relating to KYC,
ongoing customer due diligence and suspicious transaction reporting etc. is
required in all circumstances,” it added.
“Customers should be encouraged to use alternative channels
(internet banking, mobile banking apps, USSD, cards/POS, eNaira, etc.) to
conduct their banking transactions.
The apex bank said it recognises the vital role that cash
plays in supporting underserved and rural communities and would ensure an
inclusive approach as it implements the transition to a more cashless society.
“All banks and OFls are to note that aiding and abetting the
circumvention of this policy will attract severe sanctions,” CBN said.
“The above directives supersede that of December 6, 2022 and
take effect nationwide from January 9, 2023.”
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