Cbn new policy on deposit and withdrawal

You're referring to the recent policy changes by the Central Bank of Nigeria (CBN) on deposit and withdrawal limits.

As of March 2023, the CBN introduced new guidelines for deposit and withdrawal limits in Nigeria. Here are the key changes:

Deposit Limits:

  1. For individuals: N500,000 (approximately $1,250) per day
  2. For corporate entities: N5,000,000 (approximately $12,500) per day

Withdrawal Limits:

  1. For individuals: N100,000 (approximately $250) per day
  2. For corporate entities: N500,000 (approximately $1,250) per day

Additional Requirements:

  1. For withdrawals above N500,000 (approximately $1,250), customers must provide a valid reason for the withdrawal.
  2. For withdrawals above N1,000,000 (approximately $2,500), customers must provide a valid identification document (e.g., passport, driver's license, or national ID card).
  3. For withdrawals above N5,000,000 (approximately $12,500), customers must provide a valid business registration document (e.g., Certificate of Incorporation, Business Registration Certificate, or Tax Identification Number).

Exemptions:

  1. The CBN has exempted certain categories of customers from these limits, including:
    • Diplomats and international organizations
    • Government agencies and institutions
    • Embassies and high commissions
    • International organizations and their staff
    • Multilateral organizations and their staff

Implementation:

The new policy is expected to be implemented by all commercial banks in Nigeria, effective March 2023. Banks are required to verify the identity and purpose of large transactions to prevent money laundering and other financial crimes.

Please note that these limits and requirements are subject to change, and it's always best to check with your bank or financial institution for the most up-to-date information.