The Central Bank of Nigeria (CBN) bowed to popular demand on Wednesday and announced an increase in cash withdrawal limits.
Individuals can now withdraw N500,000 cash weekly, and corporate entities can withdraw up to N5 million cash through 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 will take effect on January 9, 2023, according to the apex bank.
On December 6, 2022, the CBN directed Deposit Money Banks (DMOs) and other financial institutions to ensure that weekly over-the-counter (OTC) cash withdrawals by individuals and corporate entities did not exceed N100,000 and N500,000, respectively.
The directive sparked outrage from Nigerians and the National Assembly who disapprove of the policy.
However, the apex bank on Wednesday adjusted the weekly cash withdrawal limits to N500,000 for individuals and N5m for corporate firms.
Details shortly…