The New CBN Cash Withdrawal Policy

Everything you need to know about the revised cash withdrawal limits and how they impact your transactions at our branches, ATMs, and POS terminals.

New Withdrawal Limits

The Central Bank of Nigeria recently released the Revised Cash Withdrawal policy effective Monday, 9th January 2023, that will change your cash withdrawal limits at our branches, ATMs, and POS. The new limits have been outlined for you below:

Services	Individual	Corporate
TRANSACTION LIMITS
Cash Withdrawals (across all channels – Branch, ATMs, POS agents)	₦500,000 / week*	₦‎5,000,000 / week*
Cheques	Third-Party cheques above ₦100,000 shall not be eligible for payment over the counter. The limit for clearing cheques still remains at ₦10,000,000

In compelling circumstances where cash withdrawal amounts, above the weekly limit are required, kindly note that a processing fee of 3% and 5% shall be applied for Individuals and Corporates respectively. The following documents must also be provided for such withdrawals:

Valid form of Identification of the payee (National ID, International Passport or Driver’s License.
Bank Verification Number (BVN) of the payee.
Tax Identification Number (TIN) of both payee and payer.
Written approval by the MD/CEO of the Financial Institution authorising the withdrawal.

Frequently Asked Questions

When does the cash withdrawal policy take effect?

This policy will commence on January 9th, 2023.

How much can an Individual customer withdraw?

The maximum amount an Individual customer can withdraw is N500,000 per week.
This withdrawal can be made via ATM, Over the Counter (Branches) or via POS Agents.

How many times can I withdraw over the counter in a week?

You can withdraw as many times as possible, as long as your weekly withdrawal limit of N500,000 (for Individuals) and N5,000,000 (for Corporate Organisations) has not been exceeded within the same week.

How much can I withdraw at a POS terminal daily?

There are no limits to the amount you can withdraw per day; however, the weekly withdrawal limit is N500,000 irrespective of channel used.

I need to withdraw above the weekly limit of N500,000 (for Individual) and N5,000,000 (for Corporates). How do I do this?

For cash withdrawals above the prescribed limits which are required for legitimate purposes, customers will need to visit the branch with the following documents:

Valid form of Identification of the payee (National ID, International Passport or Driver’s License).
Bank Verification Number (BVN) of the payee.
Tax Identification Number (TIN) of both payee and payer.
Written approval by the MD/CEO of the Financial Institution authorising the withdrawal.

Kindly note that such withdrawals shall attract a processing fee of 3% and 5% for Individuals and Corporates respectively.

I withdrew N100,000 via the POS, N200,000 using the ATM within the same week, does this affect how much I can withdraw over the counter at the Branch as an Individual Customer?

Yes, a cumulative withdrawal limit exists for each customer, and it is tied to your BVN regardless of the channel used. The same applies to Corporate customers.
In this example, you will only be able to withdraw a maximum of N200,000 over the counter (being the difference of the N500,000 weekly limit and N300,000 already withdrawn via the channels).
Please note however, that withdrawing the full N200,000 over the counter, means that you have exhausted the maximum withdrawal limit for the week.
If you would need to withdraw a higher amount, please refer to the conditions in the response above

How will I know when I have exceeded my weekly withdrawal limit?

If you are withdrawing over the counter, our branch teller(s) will inform you on your withdrawal limit, and if you are withdrawing via ATMs, the machine will display this on-screen.

What happens when I have exhausted my weekly maximum withdrawal limit and I need to make a payment to a friend or third party?

You can use any of the UBA digital channels platforms (Mobile App, Internet Banking, USSD *919# or Leo) to make transfers or bill payments to your desired beneficiary.

Can multiple signatories to a Corporate Account withdraw the stated limit of N5,000,000 separately within the week or is the withdrawal limit tied to just that account?

No, they cannot withdraw separately. Corporate account withdrawals will be tied to that single account they operate.

I have a third-party cheque of N200,000 can I withdraw it over the counter?

No, third-party cheques above N100,000 will not be paid over the counter.
However, the existing limit of N10,000,000 on clearing cheques remains.

What are my options to make payments?

Our digital channels are available 24/7 for all your transactions. We encourage you to register on these channels and continue transacting seamlessly via Mobile App, Internet Banking, Chat with Leo, or bank via USSD *919#.