How To Withdraw Money From Bank Above CBN Cash Withdrawal Limit

On Wednesday, December 21, the Central Bank of Nigeria (CBN) announced the increase of the maximum weekly limit for cash withdrawals across all channels to N500,000 for individuals and N5 million for corporate organizations, respectively.

Naija News recalls that the apex bank a few days ago fixed weekly cash withdrawals for individuals at N100,000 and corporate bodies at N500,000 weekly.

The new cash policy spearheaded by CBN Governor, Godwin Emefiele, has since stirred a series of controversies among Nigerians and various business operators.

Recently, the Association of Mobile Money and Bank Agents in Nigeria (AMMBAN), charged the apex bank to reverse its cash withdrawal limits policy.

The association’s National President, Victor Olojo, while having a chat with The PUNCH last Sunday, said the National Assembly has promised to prevail on the CBN Governor to revise the policy.

Olojo who expressed displease with the new policy, said a statement by the apex bank that POS operators would not be affected by the policy has made the group soft-pedal on its planned legal action.

He, however, warned that if the policy was not reversed before the end of the year, its members would take to the streets to demand its reversal and also drag the apex bank to court.

However, the CBN in its latest publication today, revealed it has now reviewed the policy and as well raised the withdrawal limit for individuals and corporate bodies.

It said the decision was taken following a series of feedbacks received from various stakeholders.

The new maximum weekly limit for cash withdrawal according to the CBN’s latest release is now N500,000 and ₦5,000,000, for individuals and corporate organizations, respectively.

How To Withdraw Money Above CBN’s Withdrawal Limit

The CBN yet, noted that money could still be withdrawn above the stated limits provided some provisions are met.

It noted in the document released today that in compelling circumstances where cash withdrawal above the newly announced limits is required for legitimate purposes, “such request shall be subject to a processing fee of 3% and 5% for individuals and corporate organizations, respectively.

The apex bank said the financial institution concerned with the such transaction shall obtain the following information from the customer, at the minimum, and upload the same on the CBN portal created for the purpose:

a – Valid means of identification of the payee (National ID, International Passport, or Driver’s Licence).
b- Bank Verification Number (BVN) of the payee.
c- Tax Identification Number (TIN) of both the payee and the payer
d- Approval in writing by the MD/CEO of the financial institution authorizing the withdrawal.

The CBN further noted that third-party cheques above N100,000 shall not be eligible for payment over the counter, while the extant limit of N10 million on clearing cheques still subsists.

It stated clearly that the latest directives supersede that of December 6, 2022, and would take effect nationwide from January 9, 2023.