Today marks the implementation of a new CBN policy that restricts the volume of cash that individuals and businesses can withdraw at once.
It's important to note that the top banking institution changed its mind about cash withdrawals.
According to the updated regulation, individuals are only able to withdraw up to N500,000 per week, whilst business organisations are allowed to withdraw N5,000,000.
Checks drawn on third parties for sums greater than N100,000 cannot be cashed at the counter any longer. The money would then be deposited into the appropriate bank accounts.
On the other hand, if there is a compelling need to withdraw money over the mentioned limits, a request to do so will be subject to a cost of 3% for individuals and 5% for organisations, respectively.