BREAKING: CBN bows to pressure, increases weekly cash withdrawal limit for individuals to N500k

The Central Bank of Nigeria (CBN) 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 CBN said this in a letter addressed to banks on Wednesday.


Recall the CBN had earlier restricted the maximum cash withdrawal over the counter (OTC) by individuals and corporate organisations per week to N100,000 and N500,000 respectively.


It stated, however, that withdrawals above the thresholds would attract processing fees of five per cent and 10 respectively for individuals and corporate entities going forward.


On the adjustment of the withdrawal limit, the apex bank said it made the decision based on feedback received from stakeholders.



(The Cable)





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