The Central Bank of Nigeria (CBN) on Wednesday raised the cash withdrawal limit from N100,000 to N500,000 per week.
This is coming 15 days after the central bank issued a circular limiting cash withdrawal to N100,000 per week.
The apex bank disclosed this in a circular issued on Wednesday and signed by the Director of Banking Supervision, Haruna B. Mustafa.,
The circular stated, “The maximum weekly limit for cash withdrawal across all channels by individuals and corporate organizations shall be N500,000.00 and N5,000,000.00 respectively.
“The above directive supersedes that of December 6, 2022 and takes effect nationwide from January 9, 2023.”
The CBN said the review was based on feedback it got from stakeholders after issuing the December 6 circular that limited cash withdrawal to N100,000 for individuals and N500,000 for companies.
However, CBN retained the caveat for legitimate cash withdrawal above the limits as such requests shall be subject to a processing fee of three percent and five percent for individuals and corporate organizations.
It said ahird party cheques above N100,000 shall not be eligible for payment over the counter, while the extant limit of N10 million on clearing cheques still subsists.
The circular said, “The CBN recognizes the vital role that cash plays in supporting underserved and rural communities and will ensure an inclusive approach as it implements the transition to a more cashless society,” CBN added
