Business
CBN succumbs to pressure, reviews cash withdrawal limits
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 “feedback from stakeholders”.
A circular issued by Haruna Mustafa, Director of Banking Supervision says the CBN has consequently makes the following reviews:
The maximum cash weekly limit for cash withdrawal across all channels by individuals is now N500, 000 while corporate is N5 million.
READ ALSO: How to detect fake new naira notes – CBN
It says in a situation where cash withdrawal above N500,000 for individuals and N5 million 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.
It would be recalled that 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.
The new policy has however sparked outrage across the country with well meaning Nigerians calling on the Apex bank to review the policy.
-
Football6 days agoBallon d’Or 2026: Yamal, Mbappe, Kane emerge early favourites
-
Football5 days agoPost-World Cup Shake-Up: Managerial changes, record transfers dominate football headlines
-
Football5 days agoWAFCON 2026: Super Falcons target winning start as Nigeria face debutants Malawi
-
Energy4 days agoNigeria wastes enough gas to Ggenerate 62,400GWh of electricity amid deepening energy crisis — NOSDRA
-
Latest7 days agoAccountability group questions ₦962.8bn Allocation for empowerment projects, official vehicles in 2026 budget
-
Business1 week agoThe Productivity Puzzle: Why Nigeria’s economy is growing faster than household prosperity
-
Health4 days agoFauci’s personal diaries fuel renewed scrutiny of COVID-19 vaccine safety
-
Latest7 days agoBabachir drops fresh bombshell on Buhari, Tinubu APC’s 2015 alliance