Nigerian banks, committed to providing better service to their customers, have
continued to educate them on the Central Bank of Nigeria (CBN) naira redesign policy and cash withdrawal restriction.
According to the cash withdrawal limit policy, which went into effect on January 9, the minimum weekly limit for cash withdrawal across all channels by individuals and
corporate entities would be N500,000.00 and N500,000.00, respectively.
In compelling situations, the CBN stated that where cash withdrawals beyond the
restrictions are required for legitimate purposes, such requests will be charged a
processing fee of 3% for individuals and 5% for corporate organizations, respectively.
The CBN also stated that third-party cheques worth more than N100,000.00 will not be accepted for payment over the counter, while the existing limit of N10,000.00 on
clearing cheques remains in effect.
Meanwhile, Zenith Bank, in a message, asked its numerous clients to use the bank’s
robust suite of digital channels to conduct transactions in light of the aforementioned cash withdrawal restrictions.
Access Bank, on the other hand, pushed clients to use its digital channels to circumvent cash withdrawal restrictions and enjoy higher transaction limits.
Customers should use Fidelity Bank’s alternative banking channels for flawless
transactions, according to the bank.
First Bank of Nigeria said in email communications to clients that it will collect the
following information from consumers and present it to the CBN for transactions that exceed the limitations of N500,000 for individuals and N5 million for corporate
organizations.
The information includes a valid form of identity (National ID, International Passport, or Driver’s License), a Bank Verification Number (BVN), the payee’s and payer’s Tax
Identification Number (TIN), and written confirmation from the CEO authorizing the
withdrawal.
