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CBN increases cash withdrawal limit to N500,000 weekly

The Central Bank of Nigeria has increased the maximum weekly limit for cash withdrawals across all channels by individuals and corporate organisations to N500,000 and N5 million, respectively.

The directive is contained in a circular issued by the bank on Wednesday and signed by the director of banking supervision department, Haruna Mustafa.

The development is coming two weeks after the CBN reduced the weekly over-the-counter cash withdrawal limit for individuals to N100,000 and that of corporate organisations to N500,000.

 It was  reported   that the apex bank also reduced withdrawals at Automated Teller Machines and point-of-sale terminals to N20,000 daily.

The Central Bank of Nigeria has increased the maximum weekly limit for cash withdrawals across all channels by individuals and corporate organisations to N500,000 and N5 million, respectively.

The directive is contained in a circular issued by the bank on Wednesday and signed by the director of banking supervision department, Haruna Mustafa.

The development is coming two weeks after the CBN reduced the weekly over-the-counter cash withdrawal limit for individuals to N100,000 and that of corporate organisations to N500,000.

 It was  reported  that the apex bank also reduced withdrawals at Automated Teller Machines and point-of-sale terminals to N20,000 daily. “ 

 In compelling circumstances where cash withdrawal above the limits in (1) is required for legitimate purposes, such requests shall be subject to a processing fee of three per cent and five per cent for individuals and corporate organisations, respectively.

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