New cbn withdrawal policy
You're referring to the recent changes to the Central Bank of Nigeria's (CBN) withdrawal policy!
As of March 2023, the CBN introduced a new policy that restricts cash withdrawals from individual accounts to N100,000 (approximately $250 USD) per day, and N500,000 (approximately $1,250 USD) per week. This policy aims to promote digital payments, reduce cash transactions, and combat money laundering and terrorism financing.
Here are some key points to note:
- Individual accounts: The new policy applies to individual accounts, not corporate or business accounts.
- Daily limit: Individuals can withdraw a maximum of N100,000 (approximately $250 USD) per day from their accounts.
- Weekly limit: The weekly limit is N500,000 (approximately $1,250 USD), which means individuals can withdraw up to N500,000 in a week.
- Exemptions: Certain individuals, such as those with disabilities, are exempt from the new policy.
- Penalties: Banks may impose penalties on individuals who exceed the withdrawal limits without a valid reason.
- Digital payments: The CBN encourages the use of digital payment channels, such as mobile banking, online banking, and card transactions, to reduce cash transactions.
- Implementation: The new policy is expected to be implemented by banks and other financial institutions, and individuals are advised to check with their banks for more information.
It's essential to note that this policy is subject to change, and individuals should stay informed about any updates or modifications.
Do you have any specific questions about this policy or its implications?