CBN Increases Weekly Withdrawal Limits

On Wednesday, the Central Bank of Nigeria (CBN) announced an increase in the directive governing cash withdrawal limits after facing pressure from many Nigerians and lawmakers.

Weekly cash withdrawal limits of N500,000 for individuals and N5,000,000 for corporations have been increased. These limits apply to all channels, including automated teller machines (ATMs) and point-of-sale (PoS) terminals.

“The maximum weekly limit for cash withdrawal across all channels by individuals and corporate organisations shall be N500,000.00 and N5,000,000.00 respectively,” the apex bank said in a circular issued on Wednesday signed by its Director of Banking Supervision, Haruna Mustafa.

The directive will become effective from January 9, 2023, the apex bank maintained, saying the adjustment was based on feedback received from stakeholders after its initial announcement on December 6, 2022.

 

 

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