LunagisthubCBN Announces New Withdrawal Limits and Scraps Deposit Cap: What You Need to Know
The Central Bank of Nigeria (CBN) has introduced a comprehensive revision of cash-related policies, effective immediately. The new policies aim to reduce the rising cost of cash management, strengthen security around cash movement, and curb money laundering risks in the economy
Removal of Cumulative Deposit Limit : The CBN has fully removed the cumulative cash deposit limit, and banks will no longer charge customers fees for deposits exceeding previously set thresholds. This move is expected to encourage more deposits and expand liquidity within the financial system.
New Withdrawal Limits:
Individuals are limited to a cumulative weekly withdrawal of ₦500,000 across all channels, including ATMs, POS terminals, and over-the-counter transactions. Corporate account holders may withdraw up to ₦5 million per week. Excess Withdrawal Fees: Withdrawals above the limits will attract excess withdrawal fees of 3% for individuals and 5% for corporates, with the charges to be shared between the CBN (40%) and the financial institution (60%)
The new policies are designed to promote electronic payment channels and reduce cash usage. With the removal of the deposit cap, customers can now deposit funds without worrying about charges. However, individuals and corporates must be mindful of the new withdrawal limits to avoid excess fees
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