The Central Bank of Nigeria (CBN),says it reversed its recent cash withdrawal policy on the heels of feedback received from stakeholders in the country.
In a letter to banks in Nigeria,the apex bank increased the maximum weekly limit for cash withdrawals across all channels by individuals and corporate organisations to N500, 000 and N5m, respectively.
The letter dated December 21, 2022, with reference number BSD/DIR/PUB/LAB/015/073 was made available to Premium News on Wednesday.
Haruna Mustafa,the bank’s Director of Banking Supervision,signed the letter.
It said:“Following our circular BSD/DIR/PUB/LAB/015/06dated December 6, 2022, on the above subject and based on feedback received from stakeholders, the Central Bank of Nigeria (CBN) hereby makes the following reviews:
“The maximum weekly limit individuals and corporate N5,000,000.00 respectively for cash withdrawal organizations shall across all channels by be NN500,000.00
” In compelling circumstances where cash withdrawal above the limits in (1) above is required for legitimate purposes, such requests shall be subject to a processing fee of 3% and 5% for individuals and corporate organizations, respectively.”