CBN Limits Cash Withdrawals To N100K, N200 Now Highest ATM Denomination

The Central Bank of Nigeria (CBN) has ordered Deposit Money Banks (DMOs) and other financial institutions to ensure that weekly over-the-counter (OTC) cash withdrawals by individuals and corporate entities do not exceed N100,000 and N500,000, respectively.

The apex bank made this known on Tuesday in a circular signed by CBN Director of Banking Supervision, Haruna Mustafa.

“Only denominations of N200 and below shall be loaded into the ATMs,” the bank also said, adding that the new policy is sequel to the launch of the redesigned N200, N500 and N1,000 notes by President Muhammadu Buhari on November 23, 2022.

More to follow…