CBN Increases Weekly Withdrawal Limits; individual 500 thousand naira, Corporate 5 Million Naira.
The Central Bank of Nigeria (CBN) has increased the maximum weekly limit for cash withdrawals across all channels by individuals and corporate organisations to N500,000 and N5 million, respectively.
The directive is contained in a circular issued by the bank on Wednesday and signed by Haruna Mustafa, director of banking supervision department.
The development comes two weeks after the CBN reduced the weekly over-the-counter cash withdrawal limit for individuals to N100,000 and that of corporate organisations to N500,000.
The bank also reduced withdrawals at automated teller machines (ATMs) and point-of-sale terminals to N20,000 per day.
The policy had generated mixed reactions from Nigerians. While some said it would have a negative effect on small businesses, others applauded it as a strategic move towards boosting the cashless policy and reducing the amount of cash outside the banking system.
In the circular, the apex bank said it made the upward review based on feedback received from stakeholders.
“The Central Bank of Nigeria (CBN) hereby makes the following reviews: (1) the maximum weekly limit for cash withdrawal across all channels by individuals and corporate organisations shall be N500,000.00 and N5,000,000.00 respectively,” the circular reads.
The Cable
