Following the public outcry that greeted its recent policy on maximum cash withdrawal limits, the Central Bank of Nigeria (CBN) has reversed the decision, raising the maximum weekly withdrawal across all channels by individuals and corporates to N500,000 and N5,000,000 respectively.
The CBN recently announced a new weekly cash withdrawal limits of N100,000 for individuals and N500,000 for corporate organisations, a development, which generated widespread condemnation with calls for its review.
In a circular signed by Haruna Mustafa, Director of Banking Supervision, and released late Wednesday, the apex regulator said: “In compelling circumstances where cash withdrawal above the limits is required for legitimate purposes, such requests shall be subject to a processing fee of three per cent and five per cent for individuals and corporate organisations, respectively.”
Read details in the circular below:
