FirstBank Tells Important Update On Cash Withdrawal Limits

FirstBank, the financial institution with Adesola Adeduntan just disclosed important updates pertaining to the Central Bank of Nigeria (CBN) directive on withdrawal limits.

In a message sent to customers on Monday, January 9, 2023, with the header “Revised Cash Withdrawal Limits”, First Bank informed that….

Please be informed that following the Central Bank of Nigeria (CBN) regulatory directives with respect to cash withdrawal effective nationwide from Monday, 9 January 2023:

1. Maximum weekly cash withdrawal limit for Individuals across all channels is N500,000. When a cash withdrawal is necessary for a valid reason above this limit, a 3% processing fee will be charged.
2. Corporate organisations will only be able to make a maximum cash withdrawal of N5 million per week across all channels. For withdrawals above the limit, a 5% processing fee will be charged.

Please note that we will collect the following information from you and present them to CBN for transactions that exceed the limits of N500,000 for individuals and N5 million for corporate organisations:

• Valid means of identification (National ID, International Passport, or Driver’s License).
• Bank Verification Number (BVN).
• Tax Identification Number (TIN) of both the payee and the payer.
• Approval in writing by our CEO authorising the withdrawal.

3. Third party cheques above N100,000 shall not be eligible for payment over the counter, while the exisiting limit of N10 million on clearing cheques still subsists.