The Central Bank of Nigeria (CBN) has has begun moves to limit over-the-counter cash withdrawals by individuals and corporate organisations to N100,000 and N500,000 per week, respectively.
The development was made known in a circular issued by the CBN on Tuesday.
According to Nigeria’s apex bank, the new policy will take effect nationwide from January 9, 2023.
The CBN stated that when the policy is implemented all cash withdrawals in excess of the above mentioned restrictions will be subject to processing costs of 5 and 10 per cent, respectively.
The move by the apex bank also comes after President Muhammadu Buhari unveiled the newly redesigned N200, N500, and N1000 banknotes.
In October 2022, the CBN governor, Godwin Emefiele, in October, revealed that the apex bank had lost track of N2.7 trillion of the country’s currency currently in circulation.
Emefiele disclosed that about 80 per cent of the country’s currency in circulation was outside the vaults of commercial banks across the country, accusing Nigerians of hoarding bank notes and refusing to take them to financial institutions.
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CBN to Limit Weekly Cash Withdrawals for Individuals and Corporate Organisations