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Just in: CBN reduces over-the-counter withdrawals for individuals, companies

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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 limit, contained in a circular issued today by the apex bank and will take effect nationwide on January 9, 2023.

More details shortly…

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