The Central Bank of Nigeria has limited cash withdrawal to one hundred thousand naira per individual and five hundred thousand naira for corporate organizations per week.
In a circular released on Tuesday, and addressed to deposit money banks and all financial institutions, the bank says any withdrawal above the limit will attract a processing fee of five percent in the case of an individual and ten percent for corporate organizations.
The circular states that in compelling circumstances, such as where cash limit is required above the prescribed limit, it shall not exceed once a month and will be subject to the prescribed processing fees as appropriate.
Also, the maximum cash withdrawal per week shall be one hundred thousand naira per week at no more than twenty thousand naira per day, the same limit for withdrawal through Point of sale terminal, POS.
The highest denomination of currency to be loaded into ATMs shall be two hundred naira.
The circular adds that third party cheques above fifty thousand naira shall not be honoured but that extant limit of ten million naira for clearing cheques still subsists.
It encourages members of the public to make use of alternative sources of payments such as mobile and internet banking, USSD, the e-naira and others for their transactions.
RN