CBN bows to pressure, increases weekly withdrawal limit

Joy Onuorah
Joy Onuorah

The Central Bank of Nigeria has raised the weekly maximum limit for cash withdrawals by individuals and corporate entities through all channels to N500,000 and N5,000,000, respectively.

In a letter sent to banks on Wednesday, the CBN disclosed this.

Recall that the apex bank stated that the decision was based on input from stakeholders.

The weekly cash withdrawal cap for individuals CBN bows to pressure, increases weekly withdrawal limit

The Central Bank of Nigeria has raised the weekly maximum limit for cash withdrawals by individuals and corporate entities through all channels to N500,000 and N5,000,000, respectively.

In a letter sent to banks on Wednesday, the CBN disclosed this.

Recall that the apex bank stated that the decision was based on input from stakeholders.

The weekly cash withdrawal cap for individuals was set at N100,000 a few weeks ago and it sparked controversy in the political arena.

Details to Follow…

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