ATM Withdrawals Limited to N20,000 Daily, Says CBN

The Central Bank of Nigeria has said that Nigerians can only withdraw twenty thousand naira cash from Automated Teller Machines (ATMs) daily.

This development was contained in a circular by the Central Bank of Nigeria (CBN) to all Deposit Money Banks (DMBs) and Other Financial Institutions (OFIs) on Tuesday from Abuja.

It read:

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“The maximum cash withdrawal per week via Automated Teller Machine (ATM) shall be N100,000 subject to a maximum of N20,000 cash withdrawal per day; only denominations of N200 and below shall be loaded into the ATMs and the maximum cash withdrawal via point of sale (PoS) terminal shall be N20,000 daily.”

The circular signed by the Director of Banking Supervision of the CBN Haruna B. Mustafa further said:

“The maximum cash withdrawal over the counter (OTC) by individuals and corporate organizations per week shall henceforth be N100,000 and N500,000 respectively.”

The CBN further warned that withdrawals above these limits would attract processing fees of 5 percent and 10 percent respectively.

Additionally, it said that

“Third-party cheques above N50,000 from next year “will not be eligible for payment over the counter while extant limits of N10,000,000 on clearing cheques still subsist.

“In compelling circumstances, not exceeding once a month, where cash withdrawals above the prescribed limits are required for legitimate purposes, such cash withdrawals shall not exceed N5,000,000.00 and 10,000,000.00 for individuals and corporate organisations, respectively.”

However, such withdrawals will still be subject “to the referenced processing fees of 5 percent and 10 percent” perhaps.