The Central Bank of Nigeria (CBN) has ordered Deposit Money Banks to ensure that weekly over-the-counter cash withdrawals by individuals and corporate entities do not exceed 100,000 naira and 500,000 naira, respectively.

The apex bank made this known in a circular signed by CBN Director of Banking Supervision, Haruna Mustafa.

The apex bank said the regulatory directives take effect nationwide from January 9, 2023.

The commercial banks have also been directed to load only 200 naira and lower denominations into their ATM.

The CBN further fixed daily maximum withdrawals via point of sale (PoS) terminal at 20,000 naira.