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 CBN increased the weekly limits for cash withdrawals across all channels by individuals to ₦500, 000 from ₦100,000 and corporate organisations to ₦5 million from ₦500,000.
This was announced in a letter addressed to all banks and other financial institutions on Wednesday by Haruna Mustafa, director of Banking Supervision of CBN, effective January 9, 2023.
“Following our circular dated December 6, the CBN hereby makes the following reviews.
In compelling circumstances where cash withdrawal above the limits is required for legitimate purposes, such requests shall be subject to a processing fee of three percent and five percent for individuals and corporate organisations respectively,” it said.
It added that third-party cheques above N100,000 shall not be eligible for payment over the counter, while the extant limit of ₦10 million on clearing cheques still subsist.
Further details from the apex bank showed that monthly returns on cash withdrawal transactions above the specificied limits should be rendered to the banking supervision, other financial institutions supervision and payments systems management department as applicable.
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