The Central Bank of Nigeria (CBN) has yielded to calls from different quarters for an upward review of its cash withdrawal limits policy.
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.
It had also pegged maximum daily withdrawals via ATMs and PoS terminals at N20,000 and said only denominations of N200 and below would be loaded into the ATMs.
However, on Wednesday the apex bank announced that 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 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,” the apex bank said in a circular issued on Wednesday signed by its Director of Banking Supervision, Haruna Mustafa.
The directive becomes effective from January 9, 2023, the apex bank maintained, saying the adjustment was based on feedback received from stakeholders after its initial announcement on December 6, 2022.
