The Central Bank of Nigeria (CBN) has increased the weekly cash withdrawal limit for individuals and corporate organizations to N500,000 and N5 million, respectively.
The apex bank explained in a circular obtained by Nairametrics that the review was prompted by feedback from stakeholders.
Recall that on the 6th of December, 2022, the Central Bank of Nigeria (CBN) announced a new policy that mandates deposit money banks and other financial institutions to ensure that over-the-counter cash withdrawals by individuals and corporate entities do not exceed N100, 000 and N500, 000, respectively, per week.
The revised cash withdrawal limits, which were revealed in a circular issued today by the central bank and obtained by Creebhills, will go into effect nationwide on January 9, 2023.
Following the implementation of the policy, all cash withdrawals in excess of the stated limits will be subject to processing fees of 5% and 10%, respectively.
The new policy comes just a few weeks after President Muhammadu Buhari unveiled redesigned N200, N500, and N1000 banknotes.