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CBN Implemented Policy On Naira Banknotes

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The CBN governor, Mr Godwin Emefiele before  UNVEING THE NEW NAIRA BANKNOTES, together with president Muhammadu Buhari has implemented policy on the new redesigned naira banknotes. 

CBN announced the policy that mandates deposit money in banks and other financial institutions to ensure that over-the-counter cash withdrawals by individuals and corporates entities do not exceed N100,000 and N500,000 respectively per week.

According to the new memo issued on Tuesday and signed by the director of banking supervision, Haruna .B Mustafa, Individuals are only allowed to withdraw maximum N100,000 per week (from over the counter, point of sale machine or the Automated Teller Machine), while organizations can withdraw N500,000 maximum per week. 

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Banks have also been directed to load N200 and lower denominations into the ATM.

 What is the new CBN Policy implemented

The memo read, “Further to the lunch of the redesigned naira notes by the president, Muhammadu Buhari, on Wednesday, November 23, 2022, and in line with the cashless policy of the CBN, all deposit money banks and other financial institutions are hereby directed to note and comply with the following:

  1. The maximum withdrawer for individuals and corporates organization shall henceforth be N100,000 and N500,000 respectively per week, any withdrawer above this limits shall thereby attract processing fees of 5% and 10% respectively.
  2. Any third party cheques above N50,000 shall not be allowed for payment over the counter, while extant limits of N10,000,000 on clearing cheques still subsist. 
  3. The maximum cash withdrawer per week via Automated Teller Machine shall be N100,000 subject to a maximum of N20,000 cash withdrawer per day.
  4. Only denomination of N200 and below shall be loaded into the ATM.
  5. The maximum cash withdraw via the point of sale terminal shall be N20,000 daily. 
  6. In compelling the circumstances, not exceeding once a month, where cash withdraw above the prescribed limits are required for legitimate purposes, such cash withdraw shall not exceed N5,000,000.00 and N10,000,000.00 for individuals and corporates organizations, and shall be subject to the referenced processing fees in (1) above, in addition to enhanced due diligence and further information requirements.

To (6) above you are required to obtain the following information and upload on the CBN portal created for the purpose:

  • Valid means of identification of the payee (National Identity card, International Passport, Drivers License.) 
  • Bank verification number of the payee
  • Notarised customer declaration of the purpose of the cash withdrawal 
  • Senior management approval for the withdrawal by the Managing Director of the drawee, where applicable.
  • Approval in writing by the MD/CEO of the bank authorizing the withdrawal.

Note the following:

  1. Monthly returns on cash withdrawal transactions above the specified limits should be rendered to the Banking Supervision Department.
  2. Compliance with extant AMUCFT regulations relating to the KYC, ongoing customer due diligence and suspicious transaction reporting, is required in all circumstances 
  3. Customers should be encouraged to use alternative channels (internet banking, mobile banking apps, USSD/POS. eNaira,) to conduct their banking transaction

CBN Implemented Policy On Naira Banknotes

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The post CBN Implemented Policy On Naira Banknotes first appeared on EmpiresWorld and is written by the Amos Sunday



This post first appeared on EmpiresWorld, please read the originial post: here

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