The Central Bank of Nigeria (CBN) has instructed money depository banks and other financial institutions to ensure that weekly over-the-counter (OTC) cash withdrawals by individuals and legal entities do not exceed N100,000 and N500,000, respectively.
This regulatory directive will enter into force throughout the country as of January 9, 2023.
The CBN further set the maximum daily withdrawals via the point-of-sale (PoS) terminal at N20,000.
“The maximum cash withdrawal per week via an ATM will be N100,000 subject to a maximum cash withdrawal of N20,000 per day.
“Only denominations of N200 and below will be charged at ATMs.”