Central Bank of Nigeria (CBN) has limited weekly cash withdrawals over the counter to 100,000 for individuals and 500,000 for organizations regardless of their size.
Director of Banking supervision in the apex bank, Haruna Mustafa, in a memo, further reveals that withdrawal at POS terminals has also been limited to 20,000 Naira per day, effective from 9th January, 2023.
Only denominations of 200 Naira and below, according to him will now be loaded into the ATMs, adding that the new policy is due to the launch of the redesigned naira notes