New CBN restrictions on weekly cash withdrawal limits come into effect as from today

FRESH withdrawal limits on the amount of cash Nigerians can take out from their banks as a result of the recent redesigning of the nation's currency come into effect today with individuals and corporate organisations restricted to N500,000 and N5m respectively.

On November 23 last year, the Central Bank of Nigeria (CBN) launched redesigned ₦‎200, ₦‎500 and ₦‎1000 banknotes, saying the naira was long overdue to wear a new look. However, there is a chronic scarcity of these new notes, prompting the CBN to introduce restrictions on the amounts that can be withdrawn.

In a bid to combat the shortages which are growing by the day, the CBN has now ordered banks not to pay customers making over-the-counter withdrawals of new naira notes again. Today, a new set of restrictions come into effect with a maximum weekly limit for cash withdrawals introduced.

Individuals or organisations that have a compelling need to withdraw above the approved limits to transact legitimate businesses will have to pay a processing fee of 3% and 5% respectively. Also, the CBN has directed all commercial banks to load their automated teller machines with only new notes to ensure that the currency circulates across the nation ahead of the January 31 deadline when the old notes will no longer be legal tender.