*Fixes individual weekly limit to N500,000 corporate N5m

Sequel to pressure from Nigerians, the Central Bank of Nigeria (CBN) has reviewed cash withdrawal limits it issued earlier.

The Apex Bank attributed its decision to review the cash withdrawal limits to “feedback from stakeholders”.

A circular issued by Haruna Mustafa, Director of Banking Supervision says the CBN has consequently “makes the following reviews”:

The maximum weekly limit for cash withdrawal across all channels by individuals is now N500,000 while corporate is N5million.

It says in a situation where cash withdrawal  above N500,000 for individuals and N5million for corporate is required for legitimate  purposes, such requests shall be subject to a processing fee of 3% and 5% for individuals and corporate organisations respectively.

Prompt News recalls that the CBN had on December 6, 2022, announced that cash withdrawal limits would be N20,000 daily and N100,000 weekly for individuals and N500,000 for corporate organisations.

The new policy has however sparked outrage across the country with well meaning Nigerians calling on the Apex bank to review the policy.

Mustafa says the new directives supersede that of December 6, 2022, and take effect nationwide from January 9, 2023.