Sterling bank is restricting spending again

The Central bank is moving things around for Nigerian citizens and business owners by tightening the spending ability. There are restrictions on international spending and now Sterling bank has rolled out whole new measures about what Nigerian businesses can do with their money.

More spending restrictions for Sterling bank business account holders

Dear Hubforjobs Nigeria Limited,

There has been an amendment to the recent CBN Naira redesign policy, and it is important to update you on these new developments which will take effect from January 9, 2023. 

What’s new for corporate customers: 

•           Maximum cash withdrawal over the counter and at the ATM will now be NGN5,000,000 weekly. 

•           New limit for third-party cheques payable over the counter is N100,000.

In peculiar cases, not more than once a month, where you require cash withdrawals that exceed this limit for legitimate purposes, you can access up to NGN10,000,000, which shall be subject to a 5% processing fee. 

Any cash withdrawals above the cap limit of NGN5,000,000 will be subject to the following conditions:

•           Valid ID (National ID, International Passport, Driver's License)

•           Bank Verification Number (BVN) 

•           Tax Identification Number (TIN) 

•           Written approval of the withdrawal by the MD/CEO  

To transact above these limits, you can explore our 100% Digital Bank, OneBank, the magic code *822#, and save the number +2349060006449 for WhatsApp Banking. We will keep you posted on further updates you may need to know. 

For further inquiries, please email [email protected] or call 07008220000 / 01-8888822.