Top 5 Alternative Modes of Making Payments in Nigeria Apart from Cash
The Central Bank of Nigeria released a circular to banks yesterday detailing a new policy that revises the cash withdrawal limits allowed for customers. According to the new policy which shall take effect from January 9th 2023, over the counter withdrawals by individuals and corporate organizations have been limited to ₦100,000 and ₦500,000 respectively, weekly. "Withdrawals above these limits will attract processing fees of 5% and 10% respectively", says the circular. Similarly, ATM withdrawals have been limited to only ₦100,000 weekly and ₦20,000 daily, and only ₦200 denominations or lower can now be loaded into ATM machines by banks. In addition, POS withdrawals have also been limited to only ₦20,000 daily. This means that starting on January 9th 2023 when the new policy will take effect, the average Nigerian will only be able to withdraw and hold a maximum of ₦60,000 cash daily or ₦140,000 cash weekly, if they decide to withdraw via OTC, ATM and POS modes within t...
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