The Central Bank of Nigeria (CBN) has made an upward review of its cash withdrawal limit directive 15 days after issuing the policy as individuals can now withdraw N500,000 cash weekly and up to N5 million for corporate entities from 9th January 2023.
In a circular issued on Wednesday and signed by the Director of Banking Supervision, Haruna B. Mustafa, the apex bank said: “The maximum weekly limit for cash withdrawal across all channels by individuals and corporate organizations shall be N500,000.00 and N5,000,000.00 respectively.
The above directive supersedes that of December 6, 2022, and takes effect nationwide from January 9, 2023,” it noted.
In the letter to all Deposit Money Banks (DMBS) and Other Financial Institutions Payment Service Banks (PSB), and Primary Mortgage Banks (PMB).
Microfinance Banks (MFBs). Mobile Money Operators (MMOs) and Agents), CBN said the review was based on feedback it got from stakeholders after issuing the December 6 circular that limited cash withdrawal to N100,000 for individuals and N500,000 for companies
The CBN recognizes the vital role that cash plays in supporting underserved and rural communities and will ensure an inclusive approach as it implements the transition to a more cashless society,” CBN added.