Home Business & Economy Breaking: CBN Limits ATM Withdrawal To N100,000 Weekly

Breaking: CBN Limits ATM Withdrawal To N100,000 Weekly

The Central Bank of Nigeria (CBN) on Tuesday, has announced that the total amount a person can withdraw with an Automated Teller Machine (ATM) per week would be N100,000.

This announcement is coming at a time when Nigerians are awaiting the release of the redesigned Naira notes.

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The CBN revealed this in a statement signed by the Director of Banking Supervision, Haruna Mustafa.

According to the statement, a person can only withdraw a maximum of N20,000 per day and N100,000 weekly with the ATM.

The CBN also put a limit on over-the-counter transactions both withdrawals and cheques.

The statement partly reads, “The maximum cash withdrawal over the counter (OTC) by individuals and corporate organizations per week shall henceforth be N100,000 and 500,000 respectively. Withdrawals above these limits shall attract processing fees of 5% and 10%, respectively.

“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.

“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. The maximum cash withdrawal via point of sale (PoS) terminal shall be N20,000 daily.”

Mustafa also stated that in cases of compelling circumstances, certain documents including written approval by the MD/CEO of the bank, are to be provided before the limit can be exceeded.

The new limit is set to be implemented from January 9, 2023.


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