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The Central Bank of Nigeria has announced a maximum ATM withdrawal limit of N20,000 daily.

This directive was contained in a circular released by the apex bank via its Director of Banking Supervision, Haruna B. Mustafa, on Dec 6.

The new withdrawal limit is in line with the newly redesigned Naira notes expected to be rolled out from Dec 15.

According to The Punch, the new policy will take effect from January 9, 2023.

READ ALSO: Several bags of rotten naira notes discovered as CBN releases re-designed notes

Part of the letter reads,


Further to the launch of the redesigned Naira notes by the President of the Federal Republic of Nigeria, on Wednesday, November 23, 2022 and in line with the Cash-less policy of the CBN, all deposit money banks (DMBs) and other financial institutions (0F1s) are hereby directed to note and comply with the following:

1. The maximum cash withdrawal over the counter (OTC) by individuals and corporate organizations per week shall henceforth be N100.000 and N500,000 respectively.

Withdrawals above these limits shall attract processing fees of 5% and 10%, respectively.

2 Third party cheques above N50,000 shall not be eligible for payment over the counter, while extant limits of 110,000.000 on clearing cheques still subsist.

3. The maximum cash withdrawal per week via Automated Teller Machine (ATM) shall be N100.000 subject to a maximum of N20,000 cash withdrawal per day.

4 Only denominations of N200 and below shall be loaded into the ATMs.

5 The maximum cash withdrawal via point of sale (PoS) terminal shall be N20.000 daily.

cbn circular
CBN circular 1/2
cbn circular1
CBN circular 2/2

READ ALSO: CBN Set to Redesign N200, N500, N1000 Notes

EFCC Boss Tips Dollar to Crash Below N200 After Naira Redesigning

Meanwhile, Abdulrasheed Bawa, Chairman of the Economic and Financial Crimes Commission (EFCC), stated that the US Dollar could fall to N200 after the Central Bank of Nigeria (CBN) implements the naira redesign.

The head of the anti-graft agency made this statement during an interview with Deutsche Welle’s Hausa service. Bawa said, “The law says the redesigning of Naira notes should be done every eight years, but we spent 20 years without any changes on them.”

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