According to a new memo to banks issued on Tuesday, 6th December, 2022, and signed by the Director of Banking Supervision, Haruna .B. Mustafa, following the launch of the new resigned note by the President of the Federal Republic of Nigeria Muhamadu Buhari on 23rd November, 2022, the Central Bank Of Nigeria, CBN, has imposed fresh cash withdrawal limits on individuals and organisations accounts, which takes effect from 9th January, 2023.
In the statement, individuals will only be allowed to withdraw N100,000 per week either from over the counter, Point of Sale Machines or the Automated Teller Machines ATM while organisations can access N500,000 only per week.
To this effect, banks have been mandated to load only N200 and lower denominations into their ATM.
The decision is coming after the CBN began the distribution of its newly redesigned bank notes.
The bank said redesigning the notes will help check inflation, counterfeiting and corruption.
Story: Elizabeth Ereke