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CBN restricts cash withdrawals to 100,000 per week

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CBN restricts cash withdrawals to 100,000 per week

By Collins Mbakwe

The Central Bank of Nigeria (CBN) has commenced moves to limit over-the-counter cash withdrawals by individuals and corporate entities to N100,000 and N500,000 per week, respectively.

Northeast Magazine gathered that this was made known in a circular issued by the CBN on Tuesday.

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According to Nigeria’s apex bank, the new policy will take effect nationwide on January 9, 2023.

The CBN stated that when the policy is implemented, all cash withdrawals above the restrictions, as mentioned earlier, will be subject to processing costs of 5 and 10 per cent, respectively.

This online newspaper reports that this is coming after President Muhammadu Buhari unveiled the newly redesigned N200, N500, and N1000 banknotes.

Recall that the CBN governor, Godwin Emefiele, in October, revealed that the apex bank had lost track of N2.7 trillion of the country’s currency currently in circulation.

Emefiele disclosed that about 80 percent of the country’s currency in circulation was outside the vaults of commercial banks across the country, accusing Nigerians of hoarding bank notes and refusing to take them to financial institutions.

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