The Central Bank of Nigeria has announced the reduction of over-the-counter withdrawal limit for both individuals and companies.
According to Nairametrics, the apex banking institution has pegged withdrawals by individuals and corporate entities at N100, 000 and N500, 000, respectively, per week.
The updated cash withdrawal limits will be in force nationwide starting on January 9, 2023, according to a circular released today by the apex bank.
All cash withdrawals over the specified limits after the policy goes into effect will be subject to processing fees of 5% and 10%, respectively.
The new policy is coming barely weeks after the President Major Muhammadu Buhari (retd.), launched the newly redesigned N200, N500, and N1000 banknotes