Cash withdrawal limit: Banks urge customers to use alternative digital channels

COMFORT EKELEME, Business Editor

Committed to serving customers better, the Nigerian banks have continued to enlighten customers on the Central Bank of Nigeria (CBN) naira redesign policy and cash withdrawal limit.

In the cash withdrawal limit policy which took effect yesterday, January 9, the minimum weekly limit for cash withdrawal across all channels by individuals and corporate organizations shall be N500,000.00 and N5,000.000.00 respectively.

In compelling circumstances, CBN said where cash withdrawal above the limits is required for legitimate purposes, such request shall be subject to a processing fee of 3 percent and 5 percent for individuals and corporate organisations respectively.

CBN also said that third-party cheques above N100,000.00 shall not be eligible for payment over the counter, while the extant limit of N10, 000,000.00 on clearing cheques still subsists.

Meanwhile, Zenith Bank in a message urged its numerous customers to take advantage of the bank’s robust suite of digital channels to carry out transactions in view of the above limitations on cash withdrawals.

Also, Access bank in an email message to customers titled, ‘Monetary Policy Update for Cash Withdrawal”, said “Please be informed that effective January 9, 2023, the Central Bank of Nigeria’s updated Monetary Policy for cash withdrawal will become operative.

Access Bank however, urged customers to please use its digital channels to avoid the restrictions on cash withdrawals and enjoy higher transaction limits.

Fidelity Bank said for seamless transactions, customers should make use of its alternative banking channels.

In its email messages to customers, First Bank of Nigeria explained further that it will collect the following information from customers and present them to CBN for transactions that exceed the limits of N500,000 for individuals and N5 million for corporate organisations.

The information includes valid means of identification (National ID, International Passport, or Driver’s License), Bank Verification Number (BVN), Tax Identification Number (TIN) of both the payee and the payer, and approval in writing by our CEO authorising the withdrawal.

“Our alternative and digital channels such as USSD *894#, FirstMobile App, Firstmonie Wallet App, FirstOnline, Cards, POS, and eNaira are available and accessible 24/7 anywhere and anytime to meet your banking needs”, FirstBank said.