CBN raises the weekly withdrawal limit to N500,000 and N5 million for private individuals and corporate entities.

CBN raises the weekly withdrawal limit to N500,000 and N5 million for private individuals and corporate entities.

The Central Bank of Nigeria has revisited the earlier decisions it made regarding cash withdrawals after receiving criticism and praise for several days.

This information was disclosed by The Apex Bank in a circular to banks that was today made accessible to Information Nigeria.

The CBN reports that the weekly cash withdrawal limit for individuals would now be N500,000 instead of N100,000, and that for corporate organizations will now be N5,000,000 instead of N500,000.

In light of the recent developments, CBN highlighted the new policy.

The maximum weekly limit for cash withdrawals by individuals and corporate organizations through all channels is 500,000 naira and N5,000,000.

“In instances when the aforesaid cash withdrawal is necessary for a legal purpose, such request shall be subject to a processing free of 3% abd 5% for individuals and corporate entities respectfully.”

CBN, however, emphasized the importance of the paperwork that consumers must provide in order to access the most recent development.

In addition to (2) above, the financial institution must collect the minimum of the following data from its customers and submit it to the CBN portal established for that purpose.

The organization further stated that the following documentation must be obtained from customers and submitted to the CBN for approval before banks can handle any cash withdrawal requests that exceed predetermined limitations.

“Valid means of identification of the Payee (National ID, international passport), Bank Verification Number (BVN) of the Payee, Tax Identification Number (TIN) of both the Payee and the payer, Approval in writing by MD/CEO of the financial institution authorizing the withdrawal” are among the details that must be provided.

“While the existing limit of 10 million naira on clearing cheques still exists, third party cheques beyond 100,000 shall not be acceptable for payment over the counter.”