The Central Bank of Nigeria is bent on implementing its controversial cash withdrawal limits, though with modifications as announced on Wednesday .
This is despite the resolution of the national assembly urging it to suspend the implementation of the policy and a summons by the house of representatives on the CBN governor Godwin Emefiele.
The Bank in a fresh circular issued by Haruna Mustafa, its director of banking supervision, increased the maximum weekly limit for cash withdrawals across all channels by individuals and corporate organisations to N500,000 and N5 million respectively.
The circular reads, “The CBN hereby makes the following reviews: (1) the maximum weekly limit for cash withdrawal across all channels by individuals and corporate organisations shall be N500,000.00 and N5,000,000.00 respectively.
2. “In compelling circumstances where cash withdrawal above the limits in (1) is required for legitimate purposes, such requests shall be subject to a processing fee of three per cent and five per cent for individuals and corporate organisations, respectively.
“Further to (2) above, the financial institution shall obtain the following information from the customer, at the minimum, and upload same on the CBN portal created for the purpose: valid means of identification of the payee (national ID, international passport, or driver’s license), bank verification number of the payee, tax identification number of both the payee and the payer, and an approval in writing by the MD/CEO of the financial institution authorising the withdrawal.
“Third party cheques above N100,000 shall not be eligible for payment over-the-counter, while the extant limit of N10 million on clearing cheques still subsist.”
The CBN adds that monthly returns on cash withdrawal transactions above the specified limits should be rendered to the banking supervision department, other financial institutions supervision and payments system management departments.
“Compliance with extant AML/CFT regulations relating to the KYC, ongoing customer due diligence and suspicious transaction reporting etc. is required in all circumstances.
“Customers should be encouraged to use alternative channels (internet banking, mobile banking apps, USSD, cards/POS, eNaira, etc.) to conduct their banking transactions.
“All banks and OFls are to note that aiding and abetting the circumvention of this policy will attract severe sanctions,” CBN said.
“The above directives supersede that of December 6, 2022 and take effect nationwide from January 9, 2023.”