2023-07-31 | PSM/DIR/PUB/CIR/001/049

Exemption of Primary Mortgage Banks and Microfinanace Banks from Cash Withdrawal Limits

The Central Bank of Nigeria has directed that microfinance banks and primary mortgage banks that serve the economically disadvantaged be exempt from paying processing fees for withdrawals above the cash withdrawal limit. This exemption aims to support these financial institutions in continuing to provide specialized retail banking services to their customers. However, these banks must still adhere to the cash withdrawal limits set out in the circular dated December 21, 2022.

Nigeria

Central Bank of Nigeria

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