Home BUSINESS BANKING & FINANCE CBN Reverses Itself On Cash Withdrawal Limits

CBN Reverses Itself On Cash Withdrawal Limits

The Central Bank of Nigeria (CBN) has reviewed its cash withdrawal limit policy and is now N500,000 weekly for individual and N5 million for corporate organization.

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

A circular issued today, December 21, by the Director of Banking Supervision, Haruna Mustafa said: “the CBN has consequently makes the following reviews:

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

It said that 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.

The CBN had on December 6, 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 generated outcries across the country, as Nigerians called for the review of the policy.

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