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CBN Limits Cash Withdrawals To N100,000, 500,000 Weekly For Individuals And Organisations

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The Central Bank of Nigeria (CBN) has set N100,000 as the maximum limit for weekly cash withdrawal over the counter by individuals.

CBN also set N500,000 as the maximum withdrawal by organisations with effect from January 9, 2023.

The apex bank made this known via a memo signed by the Director of Banking Supervision, CBN, Haruna Mustafa, on Tuesday.

Withdrawal at POS terminals was also limited to N20,000 per day.

The CBN noted that cash withdrawals above the stated limit will attract a processing fee of 5 per cent for individuals and 10 per cent for organisations.

The memo read: “Further to the launch of the redesigned Naira notes by the President of the Federal Republic of Nigeria, on Wednesday, November 23, 2022 and in line with the Cash- less policy of the CBN, all deposit money banks (DMBS) and other financial institutions (OFIs) are hereby directed to note and comply with the following:

The maximum cash withdrawal over the counter (OTC) by individuals and corporate organizations per week shall henceforth be N100,000 and N500,000 respectively. Withdrawals above these limits shall attract processing fees of 5% and 10%, respectively.

Third party cheques above 50,000 shall not be eligible for payment over the counter, while extant limits of N10,000,000 on clearing cheques still subsist.

The maximum cash withdrawal per week via Automated Teller Machine (ATM) shall be #100,000 subject to a maximum of N20,000 cash withdrawal per day.

Only denominations of #200 and below shall be loaded into the ATMs.

The maximum cash withdrawal via Point of Sale (POS) terminal shall be N20,000 daily.

In compelling circumstances, not exceeding once a month, where cash withdrawals above the prescribed limits is required for legitimate purposes, such cash withdrawals shall not exceed #5,000,000.00 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 same on the CBN portal created for the purpose,” the CBN noted.

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Abducted Oyo Pupils, Teachers Regain Freedom After Security Operation – Presidency

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The Presidency has confirmed the release of the schoolchildren and teachers who were abducted by suspected bandits in Oriire Local Government Area of Oyo State.

The victims regained their freedom following coordinated efforts by Nigeria’s security agencies, according to a statement issued by the Special Adviser to the President on Information and Strategy, Bayo Onanuga.

Onanuga said the successful rescue operation underscores the commitment of the Federal Government and security agencies to ensuring the safety of citizens and tackling criminal activities across the country.

Although details of the rescue operation were not immediately disclosed, the presidential spokesperson commended the security personnel involved for their professionalism and dedication in securing the release of the abducted pupils and their teachers.

The victims were kidnapped in Oriire Local Government Area, an incident that sparked widespread concern and renewed calls for stronger security measures to protect schools and communities from criminal attacks.

The Presidency reaffirmed the administration’s resolve to intensify efforts against kidnapping, banditry and other forms of insecurity, while assuring Nigerians that security agencies will continue to pursue those responsible for the abduction and bring them to justice.

The release of the pupils and teachers has been welcomed as a significant relief for their families, the affected community and the Oyo State Government. Authorities are expected to provide further details on the rescue operation and the condition of the freed victims.

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Senate Passes Bill to Establish State Police Across Nigeria

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The Senate on Wednesday passed a constitutional amendment bill seeking to establish state police services across the federation, marking a significant step in ongoing efforts to reform Nigeria’s security architecture.

The bill, titled the Constitution of the Federal Republic of Nigeria (Alteration) (State Police) Bill, 2026, was considered and approved after extensive debate by lawmakers during plenary.

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INEC Declares Oyebanji Winner of Ekiti Governorship Election, Secures Landslide Re-election

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Ekiti State Governor,Biodun Abayomi Oyebanji
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Governor Biodun Oyebanji of the All Progressives Congress (APC) has been declared the winner of the 2026 Ekiti State governorship election by the Independent National Electoral Commission (INEC), securing a decisive victory across the state’s 16 local government areas.

The official declaration was made in the early hours of Sunday by the Returning Officer for the election, Professor Adenike Oladiji, Vice-Chancellor of the Federal University of Technology, Akure, at the state collation centre.

Announcing the final results at about 3:13 a.m., Oladiji stated that Oyebanji polled a total of 319,224 votes to emerge victorious, defeating other contenders in the keenly contested election.

According to the results released by INEC, the candidate of the Peoples Democratic Party (PDP), Oluwole Oluyede, garnered 40,543 votes to finish second, while Dare Bejide of the African Democratic Congress (ADC) secured 12,872 votes.

The Returning Officer disclosed that 384,940 voters were accredited for the election conducted across the state on Saturday. She added that 375,777 valid votes were recorded, while 6,332 votes were rejected, bringing the total number of votes cast to 382,109.

“That Biodun Abayomi Oyebanji, having satisfied the requirements of the law and scored the highest number of votes cast, is hereby declared the winner and returned elected,” Oladiji announced.

Oyebanji’s victory marks a significant endorsement of his administration by the electorate, as the incumbent governor secured an overwhelming majority of votes across the state.

The governorship election attracted widespread attention, with political stakeholders and observers closely monitoring the process. Voting generally proceeded peacefully across most parts of Ekiti State, although there were reports of technical challenges and allegations of irregularities in some locations during the exercise.

Security agencies maintained a strong presence throughout the election period, while election officials worked to ensure the smooth conduct of the poll.

The declaration officially concludes the 2026 governorship election process in Ekiti State and paves the way for Oyebanji to continue in office for another term as governor.

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