5 Things to Know About the CBN’s New Policy on the Naira

Nigerians had opportunity to see the new banknotes after they were unveiled by President Muhammadu Buhari during the Federal Executive Council (FEC) meeting at the Presidential Villa, Abuja.

The unveiling came three weeks ahead of December 15 earlier scheduled for its release, just as calls for extension of the deadline intensify.
Expressing delight that the redesigned currencies are printed by the Nigerian Security Printing and Minting (NSPM) locally, President Buhari said features of the new notes would make them difficult to forge.

Here are five things to know about the CBN’s New Policy on the Naira.

• Automated Teller Machines (ATMS) will no longer load bank notes above N200
• You will no longer be able to withdraw more than N20,000 per day via the ATM and one N100,000 per week via the same channel
• The maximum cash withdrawal via the point of sale (POS) terminal will be N20,000 daily
• Over-the-counter withdrawals will be N100,000 for individuals, with a 5 per cent processing fee for amounts above the cap
• Over the counter withdrawals for corporate organisations will be limited to N500,000 and 10 per cent charge for amount above the limit.