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.”
Reps pass bill to strip Vice President, governors, deputies of immunity The House of Representatives…
Businessman collapses in court during trial over $578,000 cash seizure A businessman, Okorie Sunday, who…
Fire guts Onitsha market, many shops, goods destroyed A night fire at the popular Iweka Road,…
Security forces disperse rioters on Abuja expressway Security forces fired tear gas and gunshots on…
Bills to create 4 new states scale second reading at House of Reps The House of Representatives…
Tinubu signs South-West, South-South dev commission bills into law President Bola Tinubu has signed the south-west and…
