CITIZENS COMPASS– THE Central Bank of Nigeria (CBN) has increased the maximum weekly limit for cash withdrawals across all channels by individuals and corporate organisations to N500,000 and N5m respectively.
The apex bank said it made the decision based on feedback received from stakeholders.
Recall that the apex bank had earlier this month announced N100,000 and N500,000 per week for individuals and corporate organizations, respectively.
However, in a circular signed by the CBN director of Banking Supervision, Haruna Mustafa on Wednesday, the bank said it has raised the weekly withdrawal limit for individuals from N100,000 to N500,000 and N500,000 to N5 million for corporate organisations.
“Following our circular BSD/DIR/PUB/LAB/015/069 dated December 6, 2022 on the above subject and based on feedback received from stakeholders, the Central Bank of Nigeria (CBN) hereby makes the following reviews:
“1. The maximum weekly limit for cash withdrawal across all channels by individuals and corporate organizations shall be #500,000.00 and N5,000,000.00 respectively.
2. In compelling circumstances where cash withdrawal above the limits in (1) above is required for legitimate purposes, such requests shall be subject to a processing fee of 3% and 5% for individuals and corporate organizations, respectively.
“3. Further to (2) above, the financial institution shall obtain the following information from the customer, at the minimum, and upload same on the CBN.”
