Ahead of the release of the newly redesigned Naira notes, the Central Bank of Nigeria (CBN) has made good its warning that it will greatly restrict the use of
“Third party cheques above N50,000 shall not be eligible for payment over the counter, while extant limits of N10,000,000 on clearing cheques still subsist,” it said.The circular also stated that the maximum cash withdrawal per week via ATM shall be N100,000 subject to a maximum of N20,000 cash withdrawal per day as “only denominations of N200 and below shall be loaded into the ATMs.
To be eligible for the special withdrawals above the stipulated limit, the CBN said individuals and corporate organizations will have to upload on a CBN portal created for the purpose valid means of identification of the payee such as National ID, International Passport, Driver’s License, Bank Verification Number of the payee.
The CBN also directed that banks provide “monthly returns on cash withdrawal transactions above the specified limits should be rendered to the Banking Supervision Department, compliance with extant AML/CFT regulations relating to KYC, ongoing customer due diligence and suspicious transaction reporting etc.
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