CBN bows to pressure, raises cash withdrawal limit to N500,000 weekly

The Central Bank of Nigeria, CBN, has announced an upward review in the cash withdrawal limit from N100,000 to N500,000 weekly for individual accounts.

It also increased the withdrawal limit for corporate organisations from N500,000 to N5m per week, following criticisms that greeted the initial limits announced earlier in the month.

This was disclosed in a circular signed by the CBN Director of Banking Supervision, Haruna Mustafa.

The circular read in part, “Following our circular BSD/DIR/PUB/LAB/015/069 dated December 6, 2022 on the above subiect and based on feedback received from stakeholders, the Central Bank of Nigeria (CBN) hereby makes the following reviews: 1. The maximum weekly limit for cash withdrawal across all channels by individuals and corporate organizations shall be N500,000.00 N5,000,000.00 respectively.

“2. In compelling circumstances where cash withdrawal above the limits in (1) above is required for legitimate purposes, such requests shall be subject to a processing fee of 3% and 5% for individuals and corporate organizations, respectively.

“3. Further to (2) above, the financial institution shall obtain the following information from the customer, at the minimum, and upload same on the CBN.”