JUST IN: CBN increases cash withdrawal limit to N500,000 weekly

The Central Bank of Nigeria has increased the maximum weekly limit for cash withdrawals across all channels by individuals and corporate organisations to N500,000 and N5 million, respectively.

The directive is contained in a circular issued by the bank on Wednesday and signed by the director of banking supervision department, Haruna Mustafa.

The development is coming two weeks after the CBN reduced the weekly over-the-counter cash withdrawal limit for individuals to N100,000 and that of corporate organisations to N500,000.

It was reported that the apex bank also reduced withdrawals at Automated Teller Machines and point-of-sale terminals to N20,000 daily.

The policy had generated mixed reactions among Nigerians, with the House of Representatives also wading into the matter.

In the Wednesday circular, the apex bank said it made the upward review based on feedback received from stakeholders.

“The CBN hereby makes the following reviews: (1) the maximum weekly limit for cash withdrawal across all channels by individuals and corporate organisations shall be N500,000.00 and N5,000,000.00 respectively.

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