The Central Bank of Nigeria (CBN) on Wednesday bowed to pressure from many Nigerians and lawmakers as it announced an upward review of its cash withdrawal limits directive.
The apex bank, in a statement on Wednesday by its Director of Banking Supervision, Haruna Mustafa, said 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 directive becomes effective from January 9, 2023, the apex bank stated.
The CBN had on December 6, 2022, ordered Deposit Money Banks (DMOs) and other financial institutions to ensure that weekly over-the-counter (OTC) cash withdrawals by individuals and corporate entities do not exceed N100,000 and N500,000, respectively.
The directive sparked outrage from Nigerians and the National Assembly who disapprove of the policy.
However, the apex bank on Wednesday adjusted the weekly cash withdrawal limits to N500,000 for individuals and N5m for corporate firms.
https://any.peopleandpowermag.com/cbn-adjusts-cash-withdrawal-limits-for-individuals-companies/