Two weeks ago the Central Bank of Nigeria (CBN) 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.
BREAKING: CBN Raises Weekly Withdrawal Limits To N500K For Individuals, N5m For Firms
Two weeks ago the Central Bank of Nigeria (CBN) 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 Central Bank of Nigeria (CBN) on Wednesday bowed to pressure from many Nigerians and announced an upward review of its cash withdrawal limits directive.
Individuals can now withdraw N500,000 cash weekly and corporate entities can now withdraw up to N5 million cash across all channels including Automated Teller Machines (ATMs) and Point Of Sale (PoS) terminals, the apex bank said in a circular issued on Wednesday and signed by its Director of Banking Supervision, Haruna Mustafa.
The directive becomes effective from January 9, 2023, the apex bank maintained.
The Central Bank of Nigeria (CBN) on Wednesday bowed to pressure from many Nigerians and announced an upward review of its cash withdrawal limits directive.
Individuals can now withdraw N500,000 cash weekly and corporate entities can now withdraw up to N5 million cash across all channels including Automated Teller Machines (ATMs) and Point Of Sale (PoS) terminals, the apex bank said in a circular issued on Wednesday and signed by its Director of Banking Supervision, Haruna Mustafa.
The directive becomes effective from January 9, 2023, the apex bank maintained.
