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.

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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.