The Central Bank Of Nigeria in its plans to regulate the new Naira notes and combat vote buying has imposed a fresh limit on cash withdrawals.

In a new memo sent to deposit money banks on Tuesday December 6, and signed by the Director of Banking Supervision, Haruna .B. Mustafa, organizations will only be able to withdraw N500,000 per week. While individuals will be limited to N100,000 per week. This includes withdrawals over bank counter, Automated Teller Machines and Point of sale machines.

Also, all banks have have been directed to load only N200 notes and other lower denominations into their ATM.

CBN doc


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