• Latest
  • Trending
Reactions As Nigerians Raise Questions Over Shocking Naira Redesign

CBN Reduces POS Withdrawals To N20k Per Day, Regulates Banks Transactions

FG Declares Friday Public Holiday for 2025 Eid-ul-Mawlid

FG Declares Friday Public Holiday for 2025 Eid-ul-Mawlid

FG Increases CNG Price by ₦150/SCM

FG Increases CNG Price by ₦150/SCM

THE JUDICIARY ISN’T SADDLED WITH RESPONSIBILITY TO MAKE LAWS. HOWEVER WHAT ARE THE RAMIFICATIONS OF INTERPRETATING SOME STATUTES VIS A VIS THE LAW MAKING POWERS OF THE LEGISLATURE

Iddat al-Wafāt (Widow’s Waiting Period): Its Legal Purposes in Islamic Law and a Comparative Reflection with Customary Practices in Nigeria

Burkina Faso Outlaws Homosexuality with Jail Term

Burkina Faso Outlaws Homosexuality with Jail Term

Remi Tinubu Turns 65, Begs Nigerians for “Birthday Donations” to Finish National Library (Video)

Remi Tinubu Turns 65, Begs Nigerians for “Birthday Donations” to Finish National Library (Video)

A Critical Appraisal of the Supreme Court’s Position on Processes Signed by Law Firms: Okafor v. Nweke and Olowe v. Aluko

19-Year-Old APC Candidate Wins Rivers Councillorship Seat

19-Year-Old APC Candidate Wins Rivers Councillorship Seat

Wednesday, September 3, 2025
  • Login
No Result
View All Result
iDeemlawful
  • Home
  • News
  • Featured
  • Politics
  • LifeStyle
  • Advertise with Us
  • Opinion
  • Campus
iDeemlawful
No Result
View All Result
iDeemlawful
No Result
View All Result
  • Home
  • News
  • Featured
  • Politics
  • LifeStyle
  • Advertise with Us
  • Opinion
  • Campus
Home Breaking News

CBN Reduces POS Withdrawals To N20k Per Day, Regulates Banks Transactions

by iDeemlawful
December 6, 2022
in Breaking News
A A
0
Reactions As Nigerians Raise Questions Over Shocking Naira Redesign

The Central Bank of Nigeria (CBN) has limited weekly cash withdrawals over the counter to N100,000 for individuals and N500,000 for organisations regardless of their size.

This is according to a new memo to banks issued on Tuesday, December 6, 2022, signed by the Director of Banking Supervision, Haruna .B. Mustafa.

According to the memo, withdrawal at POS terminals has also been limited to N20,000 per day. The directive will take effect from January 9, 2023.

The directive comes as the CBN prepares to effect a change of naira notes in circulation starting next week, precisely on December 15, 2022.

SeeThese

CBN dragged to Court over ATM fee hike

JUST IN: Governor Adeleke cast his votes as Osun LG poll begins

Meranda presides over Lagos Assembly plenary amidst Tension

The memo read, “Further to the launch of the redesigned naira notes by the President, Major General Muhammadu Buhari (retd.), on Wednesday, November 23, 2022, and in line with the cashless policy of the CBN, all deposit money banks and other financial institutions are hereby directed to note and comply with the following:

“1. The maximum cash withdrawal over the counter by individuals and corporate organisations per week shall henceforth be N100,000 and N500,000 respectively. Withdrawals above these limits shall attract processing fees of 5% and 10%, respectively.

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

“3. The maximum cash withdrawal per week via Automated Teller Machine shall be N100,000 subject to a maximum of N20,000 cash withdrawal per day.

“4. Only denominations of N200 and below shall be loaded into the ATMs.

“5. The maximum cash withdrawal via the point of sale terminal shall be N20,000 daily.

“6. 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 N10,000,000.00 for individuals and corporate organisations, respectively, and shall be subject to the referenced processing fees in (1) above, in addition to enhanced due diligence and further information requirements.

“Further to (6) above, you are required to obtain the following information at the minimum and upload same on the CBN portal created for the purpose:

“a. Valid means of identification of the payee (National Identity Card, International Passport, Drivers License.). b. Bank Verification Number of the payee. c. Notarised customer declaration of the purpose of the cash withdrawal. d. Senior management approval for the withdrawal by the Managing Director of the drawee, where applicable. e. Approval in writing by the MD/CEO of the bank authorising the withdrawal.

“Please further note the following: i. Monthly returns on cash withdrawal transactions above the specified limits should be rendered to the Banking Supervision Department. ii. Compliance with extant AMUCFT regulations relating to the KYC, ongoing customer due diligence and suspicious transaction reporting etc., is required in all circumstances. iii. Customers should be encouraged to use alternative channels (internet banking, mobile banking apps, USSD, cards/POS. eNaira, etc.) to conduct their banking transactions

Tags: CBNiPad
Share196Tweet123SendShare
Previous Post

CBN Deputy Governors: Buhari forwards Adamu, Ahmed to senate for confirmation

Next Post

Governor Adeleke swears in new HoS, promises workers new lease of life

iDeemlawful

iDeemlawful

Next Read

FG Declares Friday Public Holiday for 2025 Eid-ul-Mawlid
Breaking News

FG Declares Friday Public Holiday for 2025 Eid-ul-Mawlid

...

Read more
Remi Tinubu Turns 65, Begs Nigerians for “Birthday Donations” to Finish National Library (Video)
Breaking News

Remi Tinubu Turns 65, Begs Nigerians for “Birthday Donations” to Finish National Library (Video)

...

Read more
Super Eagles Gets New Coach
Breaking News

Man Kills Neighbour’s Son, Hides Body in Water Drum

...

Read more
What you need to Know about ‘New deadly’ Lakurawa Group Terrorising Nigeria’s Northwest
Breaking News

3 Killed in Deadly Bandit Ambush on Kwara Motorists

...

Read more
Delta Police Nab Officers Caught Counting Extorted Cash in Viral Video [Watch]
Breaking News

Delta Police Nab Officers Caught Counting Extorted Cash in Viral Video [Watch]

...

Read more
AAU ASUU Condemns SIT Over Alleged Activities, Set For Legal Action
Breaking News

ASUU Issues Ultimatum, Threatens Nationwide Strike

...

Read more
Drama as EFCC Boss Orders Arrest of Ex-Staff after Appearing on Matchmaking Show
Breaking News

Drama as EFCC Boss Orders Arrest of Ex-Staff after Appearing on Matchmaking Show

...

Read more
11, 629 Teachers Sit for professional examination
Breaking News

JAMB Orders Re-Upload of WAEC Results

...

Read more
Next Post
INEC Confirms PDP’s Adeleke Winner Of Osun Governorship Election

Governor Adeleke swears in new HoS, promises workers new lease of life

[UPDATED] Tinubu Declares To Run For President In 2023

2023: INEC Replies Tinubu Over BVAS Credibility, Says "something is terribly wrong somewhere"

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

CashApp founder Bob Lee Stabbed to Death

CashApp founder Bob Lee Stabbed to Death

How Varsity Student Clubs Stepmother To Death In Katsina

How Varsity Student Clubs Stepmother To Death In Katsina

Petrol Price to reduce as IPMAN, Dangote Reach New Agreement

Fuel Marketers finally agree on ‘Litres of Petrol’ to be Purchased from Dangote Refinery Weekly

Most Popular

FG Declares Friday Public Holiday for 2025 Eid-ul-Mawlid
Breaking News

FG Declares Friday Public Holiday for 2025 Eid-ul-Mawlid

FG Increases CNG Price by ₦150/SCM
Business News

FG Increases CNG Price by ₦150/SCM

THE JUDICIARY ISN’T SADDLED WITH RESPONSIBILITY TO MAKE LAWS. HOWEVER WHAT ARE THE RAMIFICATIONS OF INTERPRETATING SOME STATUTES VIS A VIS THE LAW MAKING POWERS OF THE LEGISLATURE
Commentary

Iddat al-Wafāt (Widow’s Waiting Period): Its Legal Purposes in Islamic Law and a Comparative Reflection with Customary Practices in Nigeria

iDeemlawful

Copyright © 2019 iDeemlawful.

Useful Links

  • About Us
  • Advertise with Us
  • Editorial Policy

Follow Us

Copyright © 2019 iDeemlawful.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In