in

CBN Bows To Pressure, Increases Weekly Cash Withdrawal Limits

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.

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.

This Might Interest You  Rite Foods Celebrates with Nigerians on 61st Independence Anniversary, Sponsors Rainbow FM Fiesta

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.

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

GIPHY App Key not set. Please check settings

Lagos State University, LASU, Emerges Best Varsity in West Africa

Bigi Drinks Sponsors Concert, Delivers Ultimate Refreshment for Music Lovers in Lagos