For those who don’t know cashless Lagos commenced April 1 2012. From then on withdrawals or deposits in excess of N500,000 and N3,000,000 for individuals and Corporate Organisations respectively will attract a charge. In addition, NO THIRD PARTY WITHDRAWALS ABOVE N150,000 IS ALLOWED. This means even if Corporate Account domiciled in Lagos decides to issue a cheque to a supplier, staff or anyone who isn’t a signatory to the account, it must not be above N150,000.
However, the CBN also clarifies that if an individual account holder decides to withdraw above N150,000 from his or her account there is not restriction. The account holder will only be subject to a fee of 3%. Meaning if you withdraw N600,000 which is N100,000 above the limit of N500,000 you will only pay a fee of N3,000 which is 3% of N100,000. This also applies for a corporate account holder. However, the signatory to the corporate account will have to do the actual withdrawal themselves.
These and more are included in a CBN Frequently Asked Question (FAQ) which I find quite useful. It contains over 40 likely questions and answers which cuts across different issues that require clarification.
