The Central Bank of Nigeria (CBN) has ordered deposit money banks and other financial institutions to ensure that weekly over-the-counter cash withdrawals by individuals and corporate entities do not exceed N100,000 and N500, 000, respectively.
The apex bank made this known today in a circular signed by CBN Director of Banking Supervision, Haruna Mustafa.
According to the notice, only denominations of N200 and below shall be loaded into Automated Teller Machines (ATMs) and added that the new policy is sequel to the launch of the redesigned N200, N500 and N1,000 notes by President Muhammadu Buhari on the 23rd of November.
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