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<p>CBN Increases Weekly Withdrawal Limits; individual 500 thousand naira, Corporate 5 Million Naira.</p><div class="uZEAG3FB" style="clear:both;float:left;width:100%;margin:0 0 20px 0;"><script async src="https://pagead2.googlesyndication.com/pagead/js/adsbygoogle.js"></script>

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<p dir="ltr">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.</p><div class="4KiJSZIl" style="clear:both;float:left;width:100%;margin:0 0 20px 0;"><script async src="https://pagead2.googlesyndication.com/pagead/js/adsbygoogle.js"></script>

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<p dir="ltr">The directive is contained in a circular issued by the bank on Wednesday and signed by Haruna Mustafa, director of banking supervision department.</p>
<p dir="ltr">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.</p>
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<p dir="ltr">The bank also reduced withdrawals at automated teller machines (ATMs) and point-of-sale terminals to N20,000 per day.</p>
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<p dir="ltr">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.</p>
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<p dir="ltr">In the circular, the apex bank said it made the upward review based on feedback received from stakeholders.</p>
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<p dir="ltr">“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.</p>
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The Cable</p>
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