Banks provide an update as the weekly withdrawal limit of N500k commenced.
As of Monday, January 9, 2023, the N500K weekly withdrawal limit has commenced, FirstBank has provided a new update. The following is stated in the message FirstBank sent to its clients:
Please be advised that the following regulatory guidelines from the Central Bank of Nigeria (CBN) regarding cash withdrawals will be in effect nationwide starting on Monday, January 9, 2023:
1. N500,000 is the maximum weekly cash withdrawal limit for individuals using all channels. A 3% processing fee will be applied if a cash withdrawal above this amount is required for a legitimate reason.
2. Cash withdrawals from corporate organisations are limited to N5 million per week in total, across all channels. A 5% processing fee will be applied to withdrawals that exceed the limit.
Please be aware that for transactions that exceed the limits of N500,000 for individuals and N5 million for corporate organisations, we will obtain the following information from you and present them to CBN:
a. A legitimate form of identification, such as a driver’s licence, passport, or national identification card.
B. Number for Bank Verification (BVN).
c. The payee’s and payer’s Tax Identification Numbers (TIN).
d. Our CEO’s written approval approving the withdrawal.
3. As long as there is a N10 million limit on clearing checks, third party checks over N100,000 are not eligible for payment over the counter.
