By Terhemen Vaan
The cash withdrawal policy of the Central Bank of Nigeria began on Monday, January 9, 2023, stating that individuals will withdraw only N500,000 in a day while corporate organisations can only withdraw N1,000,000.
This was after the Central Bank of Nigeria reviewed upward the withdraw limit it first issued that individuals could only withdraw N100,000 while coporate organisations withdraw limit was N500,000.
With the new policy both individuals and corporate organisations are finding it difficult to make withdraws. The procedures for withdraws have changed for both.
While the debate as to whether this policy should be suspended or continued, the CBN, has provided guidelines for both individuals to withdraw above their limit.
The Central Bank of Nigeria has mandated all financial institutions to abide by its guideline where it states the required documents for withdrawal above specified limit.
It stated: “Further to (2) above, 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
- Tax Identification Number (TIN) of both the payee and the payer
- Approval in writing by the MD/CEO of the financial institution authorising the
The CBN has advice individuals to use other alternative ways of transaction.
“Customers should be encouraged to use alternative channels (internet banking, mobile banking apps, USSD, cards/POS, eNaira, etc.) to conduct their banking transactions.” It stated.