CBN Raises Weekly Withdrawal Limits To N500,000 For Individuals, N5m For Firms
The Central Bank of Nigeria (CBN) on Wednesday bowed to pressure from many Nigerians and announced an upward review of its cash withdrawal limits directive.
Individuals can now withdraw N500,000 cash weekly and corporate entities can now withdraw up to N5 million cash across all channels including Automated Teller Machines (ATMs) and Point Of Sale (PoS) terminals, the apex bank said in a circular issued on Wednesday and signed by its Director of Banking Supervision, Haruna Mustafa.
The apex bank maintained the directive becomes effective from January 9, 2023.
The CBN had on December 6, 2022 ordered Deposit Money Banks (DMOs) and other financial institutions to ensure that weekly over-the-counter (OTC) cash withdrawals by individuals and corporate entities do not exceed N100,000 and N500,000, respectively.
The directive sparked outrage from Nigerians and the National Assembly who disapprove of the policy.
However, the apex bank on Wednesday adjusted the weekly cash withdrawal limits to N500,000 for individuals and N5m for corporate firms.
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