The Central Bank of Nigeria Implements its Withdrawal Limit on 10th January 2023
The Central Bank of Nigeria implements its withdrawal limit on 10th January 2023. Nigeria’s apex bank gave the details as to how it would be doing this. Thus, every Nigerian who engages in financial transactions should know what’s obtained and how to go about it. To withdraw beyond the stated limit, there are series of information or documents you are expected to submit.
Firstly, commercial banks would have to collect some pieces of information from a customer and present them to CBN for transactions that exceed the limits of N500,000 for individuals and N5 million for corporate organisations.
For Corporate organisations, you are to note that there will only be able to make a maximum cash withdrawal of N5 million per week across all channels. For withdrawals above the limit, a 5% processing fee will be charged.
The Pieces of Information Requested to Withdraw above Expected Limits
1. Valid means of identification (National ID, International Passport, or Driver’s License).
2. Bank Verification Number (BVN).
3. Tax Identification Number (TIN) of both the payee and the payer.
4. Approval in writing by our CEO authorising the withdrawal (this is for a corporate account).
The Central Bank of Nigeria implements its withdrawal limit on 10th January 2023, and you should know how to go around it, or how to withdraw beyond the limits seamlessly. If you follow the directives, it is not much of a problem. You’ll get it right.