Only place to get new Naira notes revealed as CBN’s Cash withdrawal limit begins
Reports emerged today that the cash withdrawal limit directive of the Central Bank of Nigeria (CBN) has taken effect as most banks in the country have started dispensing newly redesigned naira notes through Automated Teller Machines (ATMs) nationwide.
Nigerian Tribune reported that as of press time, a few commercial banks have started sending out messages to their customers to ensure seamless compliance.
One of such messages read:” We are happy to inform you that the newly redesigned naira notes are now available at all UBA ATMs nationwide “Please note that the Maximum daily cash withdrawal limit for these notes at the ATMs is N100,000.”
A manager in one of the commercial banks in the Federal Capital Territory, Abuja told the Nigerian Tribune that his bank had no option than to implement the guidelines since the CBN has not issued contrary directive, maintaining that operations at his branch went well without any breach.
The manager who pleaded for anonymity on the grounds that he was not authorised to speak to the media said his branch in Area 11, Abuja complied fully with the CBN directive, and did not record any contravention on the first day as operations went on unhindered.
He stressed that his branch would continue to play according to the regulation, and advised bank customers to also comply with the CBN’s directive to ensure efficient service delivery.
According to him, all customers that transacted financial services business with his branch complied with the new cash withdrawal limits, except for two customers who attempted to withdraw above the limits possibly due to ignorance, but were corrected, and they did not raise any objection.
It will be recalled that the CBN in December 2022 directed deposit money 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, the apex bank has since then increased the maximum weekly limit for cash withdrawals across all channels by individuals and corporate organisations to N500,000 and N5 million respectively.
