By Adedapo Adesanya
As the Central Bank of Nigeria (CBN) announced an upward review of cash withdrawal limits to N500,000 and N5 million for individuals and corporate accounts, respectively, the N200 denomination will remain as the highest note to be dispensed in Automated Teller Machines (ATMs) across the country.
Business Post reported yesterday that the CBN, through its Director of Banking Supervision, Mr Haruna Mustapha, said that banks and mobile money agents were important participants in the financial system, enabling access to financial services in underserved and rural communities.
The apex bank, in a statement on December 6, indicated that beginning from January 9, 2023, the highest currency notes in the ATMs would be N200 instead of the current N1,000.
The move comes as it encourages customers to still use alternative channels like Internet banking, mobile banking apps, USSD, POS and eNaira to conduct banking transactions.
“They will continue to perform strategic functions in line with existing regulations governing their activities.
“The CBN recognises the vital role that cash plays in supporting underserved and rural communities and will ensure an inclusive approach as it implements the transition to a more cashless society,” he said.
He warned all banks and Other Financial Institutions (OFIs) that aiding and abetting the circumvention of the new policy would attract severe sanctions.
The apex bank also reviewed downward, the stipulated percentage cost for withdrawals above the stipulated limits. The bank put them at 3 per cent and 5 per cent for individuals and organisations, respectively.
According to Mr Mustapha, in compelling circumstances where cash withdrawals above the limits are required, they shall be subject to a processing fee of three per cent and five per cent for individuals and corporate organisations, respectively.
