Abuja banks commence new cash withdrawal policy implementation
Written by Adewale Adeyemi on January 10, 2023
The Central Bank of Nigeria (CBN) policy on N500,000 and N5million weekly cash withdrawal limits for individuals and corporate organizations took effect today, with some bank customers in Abuja expressing reservations on its effects on transactions, especially in rural areas.
This was in line with the directive by the CBN for which all commercial banks were directed to commence the implementation on Monday 9th, January, 2023.
Meanwhile, before making withdrawals above the stated limits customers are required to submit: Valid means of identification of the payee (National ID, International Passport, or Driver’s License); Bank Verification Number (BVN) of the payee; Tax Identification Number (TIN) of both the payee and the payer; Approval in writing by the MD/CEO of the financial institution authorizing the withdrawal.
Vanguard news paper reports that a Visits to several Deposit Money Bank in Abuja indicated that they complied with the CBN directive.