The Central Bank of Nigeria (CBN) has 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.
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