The Central Bank of Nigeria (CBN) has announced an upward review of its cash withdrawal limits directive.
According to the bank, the adjustment was based on feedback received from stakeholders after its initial announcement on December 6, 2022.
The apex bank said in a circular signed by its Director of Banking Supervision, Haruna Mustafa on Wednesday that;
“Individuals can now withdraw N500,000 cash weekly and corporate entities can now withdraw up to N5 million cash across all channels including Automated Teller Machines (ATMs) and Point Of Sale (PoS) terminals.
“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 directive becomes effective from January 9, 2023.
Read the full statement below;
