CBN reviews cash withdrawals to N500,000 weekly

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The Central Bank of Nigeria (CBN) has set N500,000 as the maximum limit for weekly cash withdrawal over the counter by individuals.

CBN also set N5,000,000 as the maximum withdrawal by organisations with effect from January 9, 2023.

The apex bank made this known via a memo signed by the Director of Banking Supervision, CBN, Haruna Mustafa, on Tuesday, December 21, 2022.

The review came amidst opposition to the initial regulation.

The CBN had recently set weekly maximum withdrawal for individual at N100,000 and N5,000,000 for corporate.

The CBN noted that cash withdrawals above the stated limit will attract a processing fee of 5 per cent for individuals and 10 per cent for organisations.

Details later….

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