The Central Bank of Nigeria (CBN) has limited weekly cash withdrawals over the counter to N100,000 for individuals and N500,000 for organizations.

The directive is contained in a memo classified as Confidential \titled: “Naira Redesign Policy-Revised Cash Withdrawal Limits, ” and will take effect from January 9, 2023.

The apex bank also limited individual Point of Service (POS) to N20,000 per day.

After the policy takes effect, all cash withdrawals above the stated limits will attract processing fees of 5% and 10%, respectively.

According to the memo, Weekly withdrawals through automated teller machines (ATMs) will be reduced to N100,000 per individual while daily ATM withdrawal limit is N20,000.

It also noted that the new N500 and N1000 banknotes will not be withdrawn through ATMs, as only N200 and below will be made available through the channel.