The Central Bank of Nigeria (CBN) has ordered Deposit Money Banks (DMOs) and other financial institutions to ensure that weekly over-the-counter (OTC) cash withdrawals by individuals and corporate entities do not exceed N100,000 and N500,000, respectively.
The apex bank made this known on Tuesday in a circular signed by CBN Director of Banking Supervision, Haruna Mustafa.
The apex bank said the regulatory directives take effect nationwide from January 9, 2023.
The CBN further fixed daily maximum withdrawals via point of sale (PoS) terminal at N20,000.
CBN Governor, Godwin Emefiele had on October 26, 2022 announced the redesigning of the three bank notes, saying the new and existing currencies will remain legal tender and circulate together until January 31, 2023.
The apex bank believes that the redesigned notes will limit cash in circulation and therefore restricts the heinous activities of ransom-demanding kidnappers as well as politicians wont to rigging elections.