Finding out the individual cash withdrawal limit in Nigeria is very important especially for those into heavy cash usage.
Nigeria has cash withdrawal limit for both individual and corporate bodies.
This means that there is highest amount an individual can withdraw in cash from a bank in Nigeria.
There are many reasons why Central Bank of Nigeria (CBN) has cash withdrawal policy in Nigeria which regulates how much cash one can withdraw over the counter from bank in a single day.
This is a popular practice world over as there is cash withdrawal cap for both individuals and corporate bodies.
Money laundering is a global challenge which Nigeria share in it. Many people prefer to laund illicit funds in cash to avoid being easily traced.
This is one of the major reasons there is an individual cash withdrawal limit in Nigeria.
Moreso, technology has seen a tremendous innovative in banking and finance which has facilitated e- banking and cashless economies.
As Nigeria is making headway to embracing cashless economy, one of the policies that is driving this development is the CBN cash withdrawal limit for individuals in Nigeria and companies too.
Cost of printing and handling cash is very high hence this makes cash withdrawal limit policy all important.
These are some of the major basis in Nigeria why there are stipulated or highest amount of cash you as an individual can withdraw from a bank in Nigeria.
Despite all the policies and efforts from Nigeria’s banker’s bank to cultivate the high usage of e- banking and less cash, many Nigerians still demand for and engage in heavy use of cash in Nigeria.
Hence, there is a cap for amount of cash you can withdraw from a bank in Nigeria.
So, this blog post will review how much cash can a customer withdraw from a bank in a day in Nigeria.
We will review and rely on Central Bank of Nigeria policy and law about cash withdrawal limit in Nigeria to provide you with answers to questions like how much cash can I withdraw from my bank in Nigeria? Can I withdraw 1 million naira cash in Nigeria bank? Is it possible for individual to withdraw 5 million Naira cash in Nigeria?.
All these and more about how much cash you can carry in Nigeria will be contained in this article.
What’s The Current CBN Cash Withdrawal Limit Policy
The Central Bank of Nigeria cash withdrawal policy is the limit of cash an individual or organisation can withdraw over the counter at a specific periods.
This policy is aimed at among other things reducing the high cost of cash handling.
On December 6, 2022, the CBN outlined a new cash policy which pegged individual and organisations cash withdrawal limit at N100,000 and N500,000 per week respectively.
This was followed by uproar and criticisms from citizens and the national assembly.
The CBN was forced to review the policy and make an adjustments as to the amount of cash individual or organisation can withdraw in a day in bank in Nigeria.
Here is a simple breakdowb of how much cash you can withdraw from a bank in Nigeria currently.
How Much is Cash Withdraw Limit For Individual in Nigeria?
According to recent and current CBN cash limit withdrawal policy, an individual can withdraw cash of N500,000 per week over the counter.
Inotherwords, daily cash withdrawal limit for individuals in Nigeria is not really clear as the cap was on weekly basis.
However many bankers who spoke on condition of anonymity noted that daily cash withdrawal limit for individuals for many banks is N100,000.
Cash Withdrawal Limit for Companies, Organisations & Corporate Bodies
How much cash a company or organisation can withdraw over the counter in Nigeria according to recent CBN policy is N5 million per week.
This is as upgrade from the N500,000 it was previous pegged at according to CBN circular of December 6 2022.
So, company or organisation can withdraw cash over the counter in excess of N5,000,000 per week.
How Much Can I Withdraw From ATM in Nigeria?
ATM cash withdrawal limit in Nigeria is N150,000 per ATM card. What this means is that the amount of cash you can withdraw from an ATM machine in Nigeria is N150k for one ATM card.
Hence you can use other ATM cards to withdraw after you ve exhausted cash limit on one ATM card in Nigeria.
This is why you find people with 2 or 3 different ATM cards making cash withdrawal as high as N300,000 or N250,000.
This was made possible because they used multiple ATM cards.