Four days after the Central Bank of Nigeria (CBN) directed commercial banks to suspend over-the-counter dispensing of the new naira notes and use their Automated Teller Machines (ATMs) to ensure wider circulation, compliance level has been abysmally low as customers continue to get the old currency slated to be junked on January 31.
Meanwhile, the policy on restriction on daily cash withdrawal takes off today, Monday, January 9. Under this arrangement, the maximum weekly limit for cash withdrawals across all channels by individuals and corporate organisations is now N500,000 and N5 million, respectively.
Thus, anyone or organisation that has a compelling need to withdraw above the approved limits to transact legitimate businesses will pay a processing fee of 3percent and 5percent for individuals and corporate organisations, respectively.
Aside that, the financial institution shall obtain the following information from the customer, at the minimum, and upload same on the CBN portal created for the purpose: Valid means of identification of the payee (National ID, International Passport, or Driver’s License); Bank Verification Number (BVN) of the payee; Tax Identification Number (TIN) of both the payee and the payer; Approval in writing by the MD/CEO of the financial institution authorising the withdrawal.
