Di Central Bank of Nigeria (CBN) don order Deposit Money Banks (DMOs) and oda financial institutions to make sure say weekly over-di-counter (OTC) cash withdrawals by individuals and corporate entities no pass N100,000 and N500,000, respectively.
CBN give dis informate inside one circular wey di CBN Director of Banking Supervision, Haruna Mustafa sign on Tuesday, 6 December.
Di apex bank say di regulatory directives go take effect nationwide from January 9, 2023.
Di CBN further fix daily maximum withdrawals via point of sale (PoS) terminal at N20,000.
Di circular add say na only N200 and lower denominations banks go fit dey load put for dia ATM.
Di apex bank say di new policy na in line wit di launch of di redesigned N200, N500 and N1,000 notes wey President Muhammadu Buhari do on November 23, 2022.
Dis policy dey come afta di CBN govnor, Godwin Godwin Emefiele for October 26, 2022 announce di redesigning of three bank notes, N1,000, N500 AND N200, and add say di new and existing currencies go remain as egal tender and circulate until January 31, 2023.
Di apex bank believe say di redesigned notes go reduce di amount of cash wey dey in circulation and therefore restricts di way kidnappers take dey demand ransom plus e no go also make politicians fit rig elections.
Wit dis new development, N1,000 and N500 notes fit dey scarce.
Wetin dey di letter
Di circular say in line wit di cashless policy of di CBN, all deposit money banks and oda financial institutions hereby dey directed to note and comply wit di following:
1. “Di maximum cash withdrawal over di counter by individuals and corporate organisations per week go henceforth be N100,000 and N500,000 respectively. Withdrawals above dis limits go attract processing fees of 5% and 10%, respectively.
2. “Third-party cheques wey dey above N50,000 no go dey eligible for payment over di counter, while extant limits of N10,000,000 on clearing cheques still dey.
3. “Di maximum cash withdrawal per week for Automated Teller Machine go be N100,000 but e dey subject to maximum of N20,000 cash withdrawal per day.
4. “Only denominations of N200 and below shall go dey loaded for ATMs.
5. “Di maximum cash withdrawal for di point of sale terminal go be N20,000 daily.”
CBN come explain say for some kind situation wey compulsory:
Wey no pass once inside one month.
Where cash withdrawals wey pass di prescribed limits go dey required for legitimate purposes.
Dat kind cash withdrawals no go pass N5,000,000.00 and N10,000,000.00 for individuals and corporate organisations, respectively.
But say e go be subject to di referenced processing fees for (1) above.
And make dem do due diligence and garther further information requirements, CBN tok.
Wetin customers go need provide
Di apex moni bank come hala say banks go need gbab di following informate for di minimum and upload same for di CBN portal wey dem create for di purpose:
a. “Valid means of identification of di payee (National Identity Card, International Passport, Drivers License.).
b. “Bank Verification Number of di payee.
c. “Notarised customer declaration of di purpose of di cash withdrawal.
d. “Senior management approval for di withdrawal by di Managing Director of di drawee, where e dey applicable.
e. “Approval for writing by di MD/CEO of di bank wey authorise di withdrawal.
Monthly return on cash dey need
CBN further tok for di letter say
i. Monthly returns on cash withdrawal transactions above di limits wey dem tok suppose dey rendered to di Banking Supervision Department.
ii. Compliance wit extant AMUCFT regulations wey relate to di KYC customer due diligence and suspicious transaction reporting etc., go dey need for all circumstances.
iii. Customers ghatz dey encouraged to use alternative channels (internet banking, mobile banking apps, USSD, cards/POS. eNaira, etc.) to do dia banking transactions.
CBN come draw hear give di banks say “Finally, abeg make you sabi say to aid and help to avoid dis policy go attract serious sanctions.