Sequel to pressure from Nigerians, the Central Bank of Nigeria (CBN) has reviewed cash withdrawal limits it issued earlier.
The apex bank attributed its decision to review the cash withdrawal limits to “
A circular issued by Haruna Mustafa, Director of Banking Supervision, on Wednesday, said that the review of the policy followed “feedback from stakeholders”.
The maximum weekly limit for cash withdrawal across all channels by individuals is now N500,000 while corporate bodies can withdraw N5million.
It explained that in a situation where cash withdrawal above N500,000 for individuals and N5million for corporate is required for legitimate purposes, such requests shall be subject to a processing fee of 3% and 5% for individuals and corporate organisations respectively.
Mustafa said the new directives supersede that of December 6, 2022, and take effect nationwide from January 9, 2023.
The CBN had on December 6, 2022, announced that cash withdrawal limits would be N20,000 daily and N100,000 weekly for individuals and N500,000 for corporate organisations.
This however, sparked outrage across the country with many demanding a review of the policy.
One reply on “CBN bows to pressure, increases cash withdrawal limits”
I don’t think the title of your article matches the content lol. Just kidding, mainly because I had some doubts after reading the article. https://accounts.binance.info/en-IN/register?ref=UM6SMJM3