Zenith bank announced the implementation of the new CBN cash withdrawal limits

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The Zenith bank has announced the date for the implementation of Central Bank of Nigeria (CBN) naira redesign policy and cash withdrawal limits to their esteemed customers.

CBN announced a new cash withdrawal limits and this has caused panic to a lot of Nigerians especially those who are involved in POS business and those who intend to pay their children fees using the old school method which involves going to the school to make payment. Although, some people are of the opinion that this new cash withdrawal limit policy is to encourage Nigerians to be involved in cashless withdrawal.

Zenith bank announced the date they will begin the implementation of the new CBN cash withdrawal limits to their users via mail. The implementation will begin on the 9th of January, 2023.

Zenith bank announced the implementation of the new CBN cash withdrawal limits

According to the new cash withdrawal limit policy, the maximum weekly over the counter cash withdrawal limit for individuals is N100,000 (with 5% processing fee for withdrawals above N100,000) while for corporates is N500,000 (with 10% processing fee for withdrawals above N500,000).

Third party cheques above N50,000 are not eligible for over the counter payment. The maximum limit for clearing cheques remains N10,000,000.

For ATM, the maximum daily withdrawal limit is N20,000 while maximum weekly withdrawal from ATMs is N100,000. Maximum daily cash withdrawal limit from POS (Point of Sale) terminals is N20,000.

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