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The CBN’s Cashless Policy: How It Affects Your Business

The central bank of Nigeria has announced a new policy on cash withdrawal. The CBN’s cashless policy came weeks after the announcement of the introduction of new naira notes and the subsequent implementation.

Here, we share the details of this policy, what it means for your business and what you should do about it.


The provisions of the CBN’s cashless policy:


  1. ‘’The maximum cash withdrawal over the counter (OTC) by individuals and corporate organizations per week shall henceforth be N500,000 and N5,000,000 respectively. Withdrawals above these limits shall attract processing fees of 3% and 5%, respectively’’.


  2. ‘’Third-party cheques above N100,000 shall NOT be eligible for payment over the counter, while extant limits of N10,000,000 on clearing cheques still subsist’’.


 3. ‘’The maximum cash withdrawal per week via Automated Teller Machine (ATM) shall be N100,000 subject to a maximum of N20,000 cash withdrawal per day’’.


 4. ‘’Only denominations of N200 and below shall be loaded into the ATMs’’.


5. ’’The maximum cash withdrawal via point of sale (PoS) terminal shall be N20,000 daily’’.


6. ‘’In compelling circumstances, not exceeding once a month, where cash withdrawals above the prescribed limits are required for legitimate purposes, such cash withdrawals shall not exceed N5,000,000.00 and N10,000,000.00 for individuals and corporate organisations, respectively, and shall be subject to the referenced processing fees in (1) above, in addition to enhanced due diligence and further information requirements’’.

‘’Further to (6) above, you are required to obtain the following information at the minimum and upload the same on the CBN portal created for the purpose:


  • Valid means of identification of the payee (National ID, International Passport, Driver’s License).
  • Bank Verification Number (BVN) of the payee.
  • Tax Identification Number (TIN) of the payee.
  • Notarized customer declaration of the purpose for the cash withdrawal.
  • Senior management approval for the withdrawal by the Managing Director of the drawee, where applicable.
  • Approval in writing by the MD/CEO of the bank authorising the withdrawal’’.

Breaking Down The Policy


You will not be able to withdraw more than N500,000 weekly if you’re an individual, and N5,000,000 for corporate organizations. 

To exceed that limit, you would have to pay a processing fee of 3% for individuals and 5% for corporate organizations. This processing fee will be charged on ONLY the amount above the weekly transaction limit, and not the full amount to be withdrawn.

To cash a cheque written in your name, you can only collect cash for amounts that are less than or equal to N100,000. 

For higher amounts, you will not be able to collect cash, it would be paid into your account. 

Also, the maximum amount to be written on cheques is N10,000,000.

For withdrawals via the ATM, you can only withdraw a maximum amount of N20,000 daily and N100,000 weekly. Also, these withdrawals will now only be in 200,100, or 50 naira notes.

You’re probably wondering if this includes withdrawals via POS terminals. Yes, it does, you will only be able to withdraw N20,000 daily via POS terminals.

For special or emergency situations where you might require cash above the specified limits of  N500,000 and N5,000,000, you will be able to withdraw up to N5,000,000 for individuals and N10,000,000 for corporate organizations.

But these withdrawals will be subject to processing fees of 3% for the former and 5% for the latter, and it will only be allowed once a month.

Also, withdrawals of this nature will be subject to approval from the CBN. 

For this you will be required to submit: a valid means of identification, your BVN, your TIN (Tax Identification Number), a notarized declaration for why you need to withdraw the amount, senior management approval (for corporate organizations), and approval in writing by the MD/CEO of the bank you’re making the withdrawal from.


When Do These Policies Come Into Effect?

These policies came into effect on the 9th of January, 2023.

How does the CBN’s cashless policy affect me or my business?

The CBN is committed to ensuring a cashless Nigeria, so cash is going to be in short supply and circulation. To ensure that your business is not negatively impacted by this transition, here’s what you should do:

  1. Open a business account:

 Corporate organizations are allowed to withdraw higher cash amounts weekly. So if you have a business account, you will be able to take advantage of this. 

On Glade, you can register your business, get the relevant documentation in days and open a business account in just 5 minutes!


  1. Offer More Payment Options with Glade

To keep succeeding as a business, the more payment options you have outside of cash, the better. On Glade you get access to the following:

The Glade Android 2-in-1 Android POS Terminal which instantly remits payment into your account, with no delays. 

Glade Payment Links which offer your customers multiple payment options (card, bank transfer, USSD) to make payment in a few clicks. Can be set up in seconds and does not require a website or code. You can send the link to your customers – via email, social media, or messaging apps  

The Glade Payment Gateway which helps you receive payments on your website or digital platforms. With just a few lines of code, you’re able to sell and collect payments immediately.

To take advantage of the payment methods that Glade offers and maximise your sales even with the CBN’s cashless policy, open a business account now to get started.