In a bid to launch the redesigned naira notes, the Central Bank Of Nigeria has directed that banks and other financial institutions should only allow not more than N500,000 withdrawal for corporate organizations over the counter.
In the circular signed by Haruna Mustapha, the CBN Director of Banking Supervision, the new cash policy will take effect from January 9, 2023.
“The maximum cash withdrawal over the counter by individuals and corporate organisations per week shall henceforth be N100,000 and N500,000 respectively. Withdrawals above these limits shall attract processing fees of 5% and 10%, respectively,” it read.
The CBN urged Nigerians affected to make use of alternative channels of making transactions like internet banking, mobile banking apps, etc.
It further stated that in compelling circumstances which shouldn’t occur more than once a month, corporate organisations can withdraw ten million naira. This is subject to a processing fee of ten per cent.
The CBN warned banks and customers that failure to obey this revised rule would attract serious sanctions.
This is to take effect from January 9, 2023.