Nigerian banks will only load N200 notes and lower denominations into their Automated Teller Machines, Central Bank of Nigeria has said.

This is according to a memo issued to banks on Tuesday and signed by the CBN Director of Banking Supervision, Haruna .B. Mustafa, and Nigerians have been reacting.

According to CBN, this new development is in complement to the newly redesigned naira notes and it will help boost a cashless policy economy.

Haruna added that withdrawals from point of sale terminal shall be limited to N20,000 on a daily basis while the weekly withdrawal from banks (over the counter) shall only be N100,000 and N500,000 weekly for individuals and corporate organisations respectively.

It read, “Further to the launch of the redesigned naira notes by the President, Major General Muhammadu Buhari (retd.), on Wednesday, November 23, 2022, and in line with the cashless policy of the CBN, all deposit money banks and other financial institutions are hereby directed to note and comply with the following:

“1. The maximum cash withdrawal over the counter by individuals and corporate organisations per week shall henceforth be N100,000 and N500,000 respectively. Withdrawals above these limits shall attract processing fees of 5% and 10%, respectively.”

“2. 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.”

“3. The maximum cash withdrawal per week via Automated Teller Machine shall be N100,000 subject to a maximum of N20,000 cash withdrawal per day.”

“4. Only denominations of N200 and below shall be loaded into the ATMs.”

“5. The maximum cash withdrawal via the point of sale terminal shall be N20,000 daily.”