CBN limits cash withdrawals to N100,000 weekly

The Central Bank of Nigeria (CBN) has restricted cash withdrawals from over-the-counter, Automated Teller Machines (ATMs) to N100, 000 and N500, 000 per week for individuals and corporate organizations, respectively.

The apex bank disclosed this yesterday in a circular to all deposit money banks (DMBs) and other financial institutions (OFIs), signed by the Director, Banking Supervision Department of CBN, Mr. Haruna Mustafa, adding that daily withdrawal from ATMs will now be N20,000 subject to N100,000 per week.

The CBN also directed DMBs and OFIs to load only N200 and lower denominations into their ATMs.

However, these positions were not acceptable to mobile money operators as well as the organised banks’ customers, who have now threatened to take steps to express their opposition to the new regulations.

Banks warned on devices that reject cards
Meanwhile, the apex bank also, in another circular yesterday, signed by the Director, Payments Systems Management Department, Mr. Musa Jimoh, warned banks and acquirers to desist from the practice of deploying devices that discriminate between payment cards during banking transactions.

The regulator noted that this practice was against the provisions of the Guidelines on operations of Electronic Payment Channels in Nigeria (June 2020).