Cheques Above 50,000 Can’t Be Processed On Counter
The naira redesign may also witnessed stiffer measures in the days ahead in order to ensure the cashless policy of the Central Bank of Nigeria is not circumvented.
Effective from January 9,2023, daily cash withdrawal on automated teller machine will be reduced from N150,000 to N20,000, while an individual can only withdraw N20,000 daily on point of sale POS.
CBN Director of Banking Supervision, Haruna B Mustafa in an internal memo to commercial banks and other financial institutions dated 6th December 2022 warned of the dire consequences of flouting the directive.
Also, third party cheque above N50,000 cannot be cashed on a counter among other stiffer and restrictive measures aimed at fighting money laundering and associated crimes.
Below is the memo.