CBN reduces over-the-counter withdrawals to N100k, N500k per week for individuals, companies

Trapped funds: CBN to release $120 million to foreign airlines by October 31

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.



Stay Connected , follow us on: Facebook: @creebhillsdotcom, Twitter: @creebhillsblog, Instagram: @creebhills, Pinterest: @creebhills Telegram: creebhills

To place an advert/sponsored post on our site, contact us via [email protected]