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CBN orders banks to dispense only new notes on ATMs as cash withdrawal limit starts today

The Central Bank of Nigeria’s (CBN) cash withdrawal policy takes effect today Monday, January 9,  2023.

By TechnocratMedia

The Central Bank of Nigeria’s (CBN) cash withdrawal policy takes effect today Monday, January 9,  2023.

In December 2022, the apex bank directed commercial banks and other financial institutions to ensure that over-the-counter cash withdrawals by individuals and corporate entities per week do not exceed N100,000 and N500, 000, respectively.

However, due to the mixed reactions from Nigerians, and the national assembly, the CBN changed its position and increased the maximum weekly limit for cash withdrawals across all channels by individuals and corporate organisations to N500,000 and N5 million respectively.

According to the CBN, the aim is to boost the cashless policy and reduce the amount of cash outside the banking system.

In the same vein, the CBN recently directed commercial banks to load their automated teller machines (ATMs) with the redesigned naira notes to boost circulation.

The CBN also ordered the banks to stop the withdrawal of the new currency notes over the counter.

Osita Nwasinobi, CBN’s spokesperson, disclosed to TheCable on Saturday, that the new directive takes effect immediately.

Nwasinobi explained that the attention of the apex bank was drawn to complaints from Nigerians who have yet to be able to access the redesigned notes since the banks started dispensing them on December 15, 2022.

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