• Latest
  • Trending
  • All
  • Politics
  • Economy
  • Security
  • Education
  • Sports
  • Health
  • Entertainment
  • Legal
  • Technology and Science
  • Opinion
  • Columns
  • Exposé
  • World
  • Lifestyle
Nigeria CBNs New Policy Limits Cash Withdrawal To N100000 N500000 For Individual Corporate Account Holders - Heritage Times

Nigeria: CBN’s New Policy Limits Cash Withdrawal To N100,000, N500,000 For Individual, Corporate Account Holders

2 months ago
Nigeria CBNs New Policy Limits Cash Withdrawal To N100000 N500000 For Individual Corporate Account Holders - Heritage Times

Moody’s Lowers Ratings For Nine Nigerian Banks

56 seconds ago
Nigeria CBNs New Policy Limits Cash Withdrawal To N100000 N500000 For Individual Corporate Account Holders - Heritage Times

South Africa Places Embargo On Zimbabwe’s Trains Due To High Derailment Risk

26 mins ago
Nigeria CBNs New Policy Limits Cash Withdrawal To N100000 N500000 For Individual Corporate Account Holders - Heritage Times

Mo Farah Set To Bid Goodbye At London Marathon

1 hour ago
NCDMB
Nigeria CBNs New Policy Limits Cash Withdrawal To N100000 N500000 For Individual Corporate Account Holders - Heritage Times

Malawi: President Chakwera Sacks Eight Ministers In Cabinet Downsize

3 hours ago
Nigeria CBNs New Policy Limits Cash Withdrawal To N100000 N500000 For Individual Corporate Account Holders - Heritage Times

Nigeria: Aso Rock Cabals Sabotaging Tinubu’s Chances Of Becoming President – El-Rufai

4 hours ago
Nigeria CBNs New Policy Limits Cash Withdrawal To N100000 N500000 For Individual Corporate Account Holders - Heritage Times

Deadline Day Deals: Onuachu Completes Sanits’ Switch, Nigerian League Star Joins Inter Milan 

6 hours ago
Nigeria CBNs New Policy Limits Cash Withdrawal To N100000 N500000 For Individual Corporate Account Holders - Heritage Times

Manuela Botey Makes History As Equatorial Guinea’s First Female Prime Minister

7 hours ago
Nigeria CBNs New Policy Limits Cash Withdrawal To N100000 N500000 For Individual Corporate Account Holders - Heritage Times

Cameroon: Fuel Prices Skyrocket As Govt Cuts Subsidies

7 hours ago
Nigeria CBNs New Policy Limits Cash Withdrawal To N100000 N500000 For Individual Corporate Account Holders - Heritage Times

Nigeria: NNPCL Expands Oil & Gas Portfolio With Addax Petroleum Acquisition

8 hours ago
Nigeria CBNs New Policy Limits Cash Withdrawal To N100000 N500000 For Individual Corporate Account Holders - Heritage Times

Zimbabwe: Belarus President Lukashenko Offers Trucks, Tractors On State Visit

17 hours ago
Nigeria CBNs New Policy Limits Cash Withdrawal To N100000 N500000 For Individual Corporate Account Holders - Heritage Times

Ethiopia Authorities Bans 15 Foreign Media Outlets

17 hours ago
Nigeria CBNs New Policy Limits Cash Withdrawal To N100000 N500000 For Individual Corporate Account Holders - Heritage Times

Kenyatta Convenes Crucial Meeting For Urgent Intervention In DR Congo

17 hours ago
Nigeria CBNs New Policy Limits Cash Withdrawal To N100000 N500000 For Individual Corporate Account Holders - Heritage Times

Nigeria: Prominent Traditional Ruler, Emir Of Dutse Dies

20 hours ago
Nigeria CBNs New Policy Limits Cash Withdrawal To N100000 N500000 For Individual Corporate Account Holders - Heritage Times

Transfer: Nigeria’s Moffi Joins Nice On Deadline Day

22 hours ago
Nigeria CBNs New Policy Limits Cash Withdrawal To N100000 N500000 For Individual Corporate Account Holders - Heritage Times

Elon Musk Pushes Ahead With Payment For Twitter

22 hours ago
Nigeria CBNs New Policy Limits Cash Withdrawal To N100000 N500000 For Individual Corporate Account Holders - Heritage Times

KPMG Partners See Pay Increase To £717,000

23 hours ago
Nigeria CBNs New Policy Limits Cash Withdrawal To N100000 N500000 For Individual Corporate Account Holders - Heritage Times

Transfer Deadline Rush: Everton Move For Onuachu, Arsenal ‘Settle’ For Jorginho 

1 day ago
Nigeria CBNs New Policy Limits Cash Withdrawal To N100000 N500000 For Individual Corporate Account Holders - Heritage Times

Nigeria: Central Bank Governor Appears Before Parliament, Says Deposit Of Old Naira Note To Continue Beyond Feb. 10

1 day ago
Nigeria CBNs New Policy Limits Cash Withdrawal To N100000 N500000 For Individual Corporate Account Holders - Heritage Times

Nigeria: NCDMB Boss Receives Leadership Local Content Champion Of The Year Award

1 day ago
Nigeria CBNs New Policy Limits Cash Withdrawal To N100000 N500000 For Individual Corporate Account Holders - Heritage Times

IMF Predicts 3.2% Economic Growth For Nigeria

1 day ago
Wednesday, February 1, 2023
  • Photo Speaks
  • Videos
  • You-Report
  • Whistleblower
  • Advertise
  • HT Events
  • About HT
  • Contact
Heritage Times
No Result
View All Result
Translate | EN FR
  • Login
  • Politics
    Nigeria CBNs New Policy Limits Cash Withdrawal To N100000 N500000 For Individual Corporate Account Holders - Heritage Times

    Nigeria: Aso Rock Cabals Sabotaging Tinubu’s Chances Of Becoming President – El-Rufai

    Nigeria CBNs New Policy Limits Cash Withdrawal To N100000 N500000 For Individual Corporate Account Holders - Heritage Times

    Manuela Botey Makes History As Equatorial Guinea’s First Female Prime Minister

    Nigeria CBNs New Policy Limits Cash Withdrawal To N100000 N500000 For Individual Corporate Account Holders - Heritage Times

    ECOWAS Designates 2023 As ‘Election Year’ With Focus On Nigeria And 3 Other Countries

    Nigeria CBNs New Policy Limits Cash Withdrawal To N100000 N500000 For Individual Corporate Account Holders - Heritage Times

    Liberia: President Weah Announces Bid for Re-Election Despite Mounting Criticism

    Nigeria CBNs New Policy Limits Cash Withdrawal To N100000 N500000 For Individual Corporate Account Holders - Heritage Times

    PHOTO STORY: Gen. Ndiomu Visits VP Osinbajo On Behalf Of Amnesty Programme Graduates

    Nigeria CBNs New Policy Limits Cash Withdrawal To N100000 N500000 For Individual Corporate Account Holders - Heritage Times

    JUST IN: Opposition Loses Bid To Unseat Nigeria’s President In Court

    Nigeria CBNs New Policy Limits Cash Withdrawal To N100000 N500000 For Individual Corporate Account Holders - Heritage Times

    Nigeria’s Electoral Umpire Further Extends Voter Cards Collection Deadline

    Nigeria CBNs New Policy Limits Cash Withdrawal To N100000 N500000 For Individual Corporate Account Holders - Heritage Times

    Will Africa’s 2023 Elections Strengthen Democracy?

    Nigeria CBNs New Policy Limits Cash Withdrawal To N100000 N500000 For Individual Corporate Account Holders - Heritage Times

    Nigeria: Music Star, Davido’s Uncle Adeleke Sacked As Osun Governor

  • Economy
    Nigeria CBNs New Policy Limits Cash Withdrawal To N100000 N500000 For Individual Corporate Account Holders - Heritage Times

    Moody’s Lowers Ratings For Nine Nigerian Banks

    Nigeria CBNs New Policy Limits Cash Withdrawal To N100000 N500000 For Individual Corporate Account Holders - Heritage Times

    Cameroon: Fuel Prices Skyrocket As Govt Cuts Subsidies

    Nigeria CBNs New Policy Limits Cash Withdrawal To N100000 N500000 For Individual Corporate Account Holders - Heritage Times

    Nigeria: NNPCL Expands Oil & Gas Portfolio With Addax Petroleum Acquisition

    Nigeria CBNs New Policy Limits Cash Withdrawal To N100000 N500000 For Individual Corporate Account Holders - Heritage Times

    KPMG Partners See Pay Increase To £717,000

    Nigeria CBNs New Policy Limits Cash Withdrawal To N100000 N500000 For Individual Corporate Account Holders - Heritage Times

    Nigeria: Central Bank Governor Appears Before Parliament, Says Deposit Of Old Naira Note To Continue Beyond Feb. 10

    Nigeria CBNs New Policy Limits Cash Withdrawal To N100000 N500000 For Individual Corporate Account Holders - Heritage Times

    Nigeria: NCDMB Boss Receives Leadership Local Content Champion Of The Year Award

    Nigeria CBNs New Policy Limits Cash Withdrawal To N100000 N500000 For Individual Corporate Account Holders - Heritage Times

    IMF Predicts 3.2% Economic Growth For Nigeria

    Nigeria CBNs New Policy Limits Cash Withdrawal To N100000 N500000 For Individual Corporate Account Holders - Heritage Times

    Moody’s Downgrades Nigeria’s Credit Ratings, Causing Bond Sell-Off

    Nigeria CBNs New Policy Limits Cash Withdrawal To N100000 N500000 For Individual Corporate Account Holders - Heritage Times

    South Africa Considers Declaring National Disaster Over Power Woes

  • Security
  • Education
  • Sports
  • Health
  • Metro
  • Entertainment
  • Lifestyle
  • Legal
  • Tech & Science
  • Opinion
  • Exposé
  • Exclusive Videos
  • Niger Delta
  • World
  • Politics
    Nigeria CBNs New Policy Limits Cash Withdrawal To N100000 N500000 For Individual Corporate Account Holders - Heritage Times

    Nigeria: Aso Rock Cabals Sabotaging Tinubu’s Chances Of Becoming President – El-Rufai

    Nigeria CBNs New Policy Limits Cash Withdrawal To N100000 N500000 For Individual Corporate Account Holders - Heritage Times

    Manuela Botey Makes History As Equatorial Guinea’s First Female Prime Minister

    Nigeria CBNs New Policy Limits Cash Withdrawal To N100000 N500000 For Individual Corporate Account Holders - Heritage Times

    ECOWAS Designates 2023 As ‘Election Year’ With Focus On Nigeria And 3 Other Countries

    Nigeria CBNs New Policy Limits Cash Withdrawal To N100000 N500000 For Individual Corporate Account Holders - Heritage Times

    Liberia: President Weah Announces Bid for Re-Election Despite Mounting Criticism

    Nigeria CBNs New Policy Limits Cash Withdrawal To N100000 N500000 For Individual Corporate Account Holders - Heritage Times

    PHOTO STORY: Gen. Ndiomu Visits VP Osinbajo On Behalf Of Amnesty Programme Graduates

    Nigeria CBNs New Policy Limits Cash Withdrawal To N100000 N500000 For Individual Corporate Account Holders - Heritage Times

    JUST IN: Opposition Loses Bid To Unseat Nigeria’s President In Court

    Nigeria CBNs New Policy Limits Cash Withdrawal To N100000 N500000 For Individual Corporate Account Holders - Heritage Times

    Nigeria’s Electoral Umpire Further Extends Voter Cards Collection Deadline

    Nigeria CBNs New Policy Limits Cash Withdrawal To N100000 N500000 For Individual Corporate Account Holders - Heritage Times

    Will Africa’s 2023 Elections Strengthen Democracy?

    Nigeria CBNs New Policy Limits Cash Withdrawal To N100000 N500000 For Individual Corporate Account Holders - Heritage Times

    Nigeria: Music Star, Davido’s Uncle Adeleke Sacked As Osun Governor

  • Economy
    Nigeria CBNs New Policy Limits Cash Withdrawal To N100000 N500000 For Individual Corporate Account Holders - Heritage Times

    Moody’s Lowers Ratings For Nine Nigerian Banks

    Nigeria CBNs New Policy Limits Cash Withdrawal To N100000 N500000 For Individual Corporate Account Holders - Heritage Times

    Cameroon: Fuel Prices Skyrocket As Govt Cuts Subsidies

    Nigeria CBNs New Policy Limits Cash Withdrawal To N100000 N500000 For Individual Corporate Account Holders - Heritage Times

    Nigeria: NNPCL Expands Oil & Gas Portfolio With Addax Petroleum Acquisition

    Nigeria CBNs New Policy Limits Cash Withdrawal To N100000 N500000 For Individual Corporate Account Holders - Heritage Times

    KPMG Partners See Pay Increase To £717,000

    Nigeria CBNs New Policy Limits Cash Withdrawal To N100000 N500000 For Individual Corporate Account Holders - Heritage Times

    Nigeria: Central Bank Governor Appears Before Parliament, Says Deposit Of Old Naira Note To Continue Beyond Feb. 10

    Nigeria CBNs New Policy Limits Cash Withdrawal To N100000 N500000 For Individual Corporate Account Holders - Heritage Times

    Nigeria: NCDMB Boss Receives Leadership Local Content Champion Of The Year Award

    Nigeria CBNs New Policy Limits Cash Withdrawal To N100000 N500000 For Individual Corporate Account Holders - Heritage Times

    IMF Predicts 3.2% Economic Growth For Nigeria

    Nigeria CBNs New Policy Limits Cash Withdrawal To N100000 N500000 For Individual Corporate Account Holders - Heritage Times

    Moody’s Downgrades Nigeria’s Credit Ratings, Causing Bond Sell-Off

    Nigeria CBNs New Policy Limits Cash Withdrawal To N100000 N500000 For Individual Corporate Account Holders - Heritage Times

    South Africa Considers Declaring National Disaster Over Power Woes

  • Security
  • Education
  • Sports
  • Health
  • Metro
  • Entertainment
  • Lifestyle
  • Legal
  • Tech & Science
  • Opinion
  • Exposé
  • Exclusive Videos
  • Niger Delta
  • World
No Result
View All Result
First with the News
ADVERTISEMENT
Home Economy

Nigeria: CBN’s New Policy Limits Cash Withdrawal To N100,000, N500,000 For Individual, Corporate Account Holders

December 6, 2022
in Economy, Top Stories
0 0
0
Nigeria CBNs New Policy Limits Cash Withdrawal To N100000 N500000 For Individual Corporate Account Holders - Heritage Times
0
SHARES
82
VIEWS
Share on FacebookShare on TwitterShare on Whatsapp
ADVERTISEMENT

By Enyichukwu Enemanna

Nigeria’s apex bank, Central Bank of Nigeria (CBN) on Tuesday announced a new policy which mandates commercial banks and other financial institutions to ensure that individual and corporate account holders do not withdraw above N100, 000 and N500, 000, respectively, per week.

Relatedreading

Moody’s Lowers Ratings For Nine Nigerian Banks

South Africa Places Embargo On Zimbabwe’s Trains Due To High Derailment Risk

Individuals will only be able to withdraw N100,000 per week (from over the counter, Point of Sale Machines or the Automated Teller Machines), while organisation can access N500,000 per week, a new memo to banks issued by the Director of Banking Supervision, Haruna .B. Mustafa says.

ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT

Banks have also been directed to load only N200 and lower denominations into their ATM.

The memo read, “Further to the launch of the redesigned naira notes by the President Muhammadu Buhari on Wednesday, November 23, 2022, and in line with the cashless policy of the CBN, all deposit money banks and other financial institutions are hereby directed to note and comply with the following:

Trending
Zimbabwe: Belarus President Lukashenko Offers Trucks, Tractors On State Visit

“1. The maximum cash withdrawal over the counter by individuals and corporate organisations per week shall henceforth be N100,000 and N500,000 respectively. Withdrawals above these limits shall attract processing fees of 5% and 10%, respectively.

“2. Third-party cheques above N50,000 shall not be eligible for payment over the counter, while extant limits of N10,000,000 on clearing cheques still subsist.

“3. The maximum cash withdrawal per week via Automated Teller Machine shall be N100,000 subject to a maximum of N20,000 cash withdrawal per day.

“4. Only denominations of N200 and below shall be loaded into the ATMs.

“5. The maximum cash withdrawal via the point of sale terminal shall be N20,000 daily.

“6. In compelling circumstances, not exceeding once a month, where cash withdrawals above the prescribed limits are required for legitimate purposes, such cash withdrawals shall not exceed N5,000,000.00 and N10,000,000.00 for individuals and corporate organisations, respectively, and shall be subject to the referenced processing fees in (1) above, in addition to enhanced due diligence and further information requirements.

“Further to (6) above, you are required to obtain the following information at the minimum and upload same on the CBN portal created for the purpose:

“a. Valid means of identification of the payee (National Identity Card, International Passport, Drivers License.). b. Bank Verification Number of the payee. c. Notarised customer declaration of the purpose of the cash withdrawal. d. Senior management approval for the withdrawal by the Managing Director of the drawee, where applicable. e. Approval in writing by the MD/CEO of the bank authorising the withdrawal.

“Please further note the following: i. Monthly returns on cash withdrawal transactions above the specified limits should be rendered to the Banking Supervision Department. ii. Compliance with extant AMUCFT regulations relating to the KYC, ongoing customer due diligence and suspicious transaction reporting etc., is required in all circumstances. iii. Customers should be encouraged to use alternative channels (internet banking, mobile banking apps, USSD, cards/POS. eNaira, etc.) to conduct their banking transactions.”

  • South Africa: Activists Seek Enactment Of Menstrual Leave For Female Workers
  • COVID-19: Aviation sector to lose $35bn, 3.5 million jobs
  • Elon Musk Makes History As First Person To Lose $200 Billion
  • Tennis: Djokovic Bears No Grudges, Set For Australian Open Return

Tags: breakingCBNGodwin EmefieleHeritageheritage timesheritagetimesmedialatestnewsthe heritage timesthtthtafricatop stories
ShareTweetSendShare
ADVERTISEMENT
Previous Post

Amusan Misses World Athlete Of The Year Award

Next Post

Nigerian Police Force To Recruit Ex-Agitators

Related Posts

Nigeria CBNs New Policy Limits Cash Withdrawal To N100000 N500000 For Individual Corporate Account Holders - Heritage Times

Moody’s Lowers Ratings For Nine Nigerian Banks

February 1, 2023
Nigeria CBNs New Policy Limits Cash Withdrawal To N100000 N500000 For Individual Corporate Account Holders - Heritage Times

South Africa Places Embargo On Zimbabwe’s Trains Due To High Derailment Risk

February 1, 2023

Mo Farah Set To Bid Goodbye At London Marathon

Malawi: President Chakwera Sacks Eight Ministers In Cabinet Downsize

Nigeria: Aso Rock Cabals Sabotaging Tinubu’s Chances Of Becoming President – El-Rufai

Deadline Day Deals: Onuachu Completes Sanits’ Switch, Nigerian League Star Joins Inter Milan 

Next Post
Nigeria CBNs New Policy Limits Cash Withdrawal To N100000 N500000 For Individual Corporate Account Holders - Heritage Times

Nigerian Police Force To Recruit Ex-Agitators

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Heritage Bank
AFRICAN HERITAGE CONCERT & AWARDS AFRICAN HERITAGE CONCERT & AWARDS AFRICAN HERITAGE CONCERT & AWARDS

Updates

  • Trending
  • Comments
  • Latest
Nigeria CBNs New Policy Limits Cash Withdrawal To N100000 N500000 For Individual Corporate Account Holders - Heritage Times

Nigeria: Music Star, Davido’s Uncle Adeleke Sacked As Osun Governor

January 27, 2023
Nigeria CBNs New Policy Limits Cash Withdrawal To N100000 N500000 For Individual Corporate Account Holders - Heritage Times

9 Health Benefits Of Garden Egg

July 2, 2022
Nigeria CBNs New Policy Limits Cash Withdrawal To N100000 N500000 For Individual Corporate Account Holders - Heritage Times

World Cup: Woman Goes Naked, Fan Dies Celebrating In Argentina, As France, Morocco Squads Get Heroes Welcome 

December 21, 2022
Nigeria CBNs New Policy Limits Cash Withdrawal To N100000 N500000 For Individual Corporate Account Holders - Heritage Times

JUST IN: US Slaps Visa Ban On ‘Undemocratic’ Nigerians

January 25, 2023
Nigeria CBNs New Policy Limits Cash Withdrawal To N100000 N500000 For Individual Corporate Account Holders - Heritage Times

Mauritania: Top FA Official Dies While Celebrating CHAN Win Against Mali 

1
Nigeria CBNs New Policy Limits Cash Withdrawal To N100000 N500000 For Individual Corporate Account Holders - Heritage Times

Moody’s Lowers Ratings For Nine Nigerian Banks

February 1, 2023
Nigeria CBNs New Policy Limits Cash Withdrawal To N100000 N500000 For Individual Corporate Account Holders - Heritage Times

South Africa Places Embargo On Zimbabwe’s Trains Due To High Derailment Risk

February 1, 2023
Nigeria CBNs New Policy Limits Cash Withdrawal To N100000 N500000 For Individual Corporate Account Holders - Heritage Times

Mo Farah Set To Bid Goodbye At London Marathon

February 1, 2023
Nigeria CBNs New Policy Limits Cash Withdrawal To N100000 N500000 For Individual Corporate Account Holders - Heritage Times

Malawi: President Chakwera Sacks Eight Ministers In Cabinet Downsize

February 1, 2023
Stanbic IBTC Bank
NCDMB

Most Recent

Moody’s Lowers Ratings For Nine Nigerian Banks

February 1, 2023

South Africa Places Embargo On Zimbabwe’s Trains Due To High Derailment Risk

February 1, 2023

Mo Farah Set To Bid Goodbye At London Marathon

February 1, 2023

Malawi: President Chakwera Sacks Eight Ministers In Cabinet Downsize

February 1, 2023

Nigeria: Aso Rock Cabals Sabotaging Tinubu’s Chances Of Becoming President – El-Rufai

February 1, 2023

Deadline Day Deals: Onuachu Completes Sanits’ Switch, Nigerian League Star Joins Inter Milan 

February 1, 2023

Manuela Botey Makes History As Equatorial Guinea’s First Female Prime Minister

February 1, 2023

Cameroon: Fuel Prices Skyrocket As Govt Cuts Subsidies

February 1, 2023
HOUSE FORTY THREE RESTAURANT
MOSILO GROUP
ADVERTISEMENT

About

The Heritage Times was established to advance transparency and accountability in leadership and governance. Our vision is to become Africa's foremost provider of quality news and contents. We seek to lead a news media revolution that will foster a sustainable democratic Africa.

Featured

Golden Mummy From Egypt’s Past Emerges From The Depths

Will Africa’s 2023 Elections Strengthen Democracy?

UNESCO Settles Jollof Rice Debate, Recognizes Senegal As Birthplace Of The West African Dish

Connect

Connect with us on social media and receive timely updates on the go.

Get Updates

    • About
    • Privacy Policy

    © 2023 Heritage Times (HT) Media.

    No Result
    View All Result
    • Welcome
    • Politics
    • Economy
    • Security
    • Exposé
    • Education
    • Sports
    • Health
    • Entertainment
    • Legal
    • Technology and Science
    • Opinion
    • Columns
    • World
    • __________________
    • Photo Speaks
    • Videos
    • You-Report
    • Whistleblower
    • Advertise
    • HT Events
    • About HT
    • Contact us

    © 2023 Heritage Times (HT) Media.

    Welcome Back!

    Login to your account below

    Forgotten Password?

    Retrieve your password

    Please enter your username or email address to reset your password.

    Log In
    This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
    Increase your website's conversion rate with messages like this. Calls to Action.
    Hey psst!...Start selling today
    Get MasterPopups
    Contact Us
    Or
    Powered by MasterPopups