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The Central Bank of Nigeria (CBN) has released a new policy directive mandating deposit money banks and other financial institutions to reduce over-the-counter cash withdrawals by individuals and corporate entities to a maximum of N100, 000 and N500, 000, respectively, per week.
The revised cash withdrawal limits, contained in a circular issued on Tuesday, December 6 by the apex bank and seen will take effect nationwide on January 9, 2023.
According to the circular, when the policy takes effect, any cash withdrawals in excess of the stated limits will attract processing fees of 5% and 10%, respectively.
Also, maximum denomination on Automated Teller Machine (ATM) has been reduced to N200 notes.
The new policy is coming barely weeks after President Muhammadu Buhari launched the newly redesigned N200, N500, and N1000 banknotes.