By
Fatimah Idera
The Central Bank of Nigeria (CBN) has made an upward review of its cash withdrawal limits as individuals can now withdraw N500,000 cash weekly and up to N5 million for corporate entities which took effect from 9th January, 2023.
This was made known in a circular issued on Wednesday and signed by the Director of Banking Supervision, Haruna B. Mustafa.
It reads,”The maximum weekly limit for cash withdrawal across all channels by individuals and corporate organizations shall be N500,000.00 and N5,000,000.00 respectively.
“However, CBN retained the caveat for legitimate cash withdrawal above the limits as such requests shall be subject to a processing fee of 3 per cent and 5% for individuals and corporate organizations respectively, but through a portal with the customer’s details, including valid ID card, tax ID and BVN.
“Third party cheques above N100,000 shall not be eligible for payment over the counter, while the extant limit of N10 million on clearing cheques still subsist.”
The CBN recognizes the vital role that cash plays in supporting underserved and rural communities and will ensure an inclusive approach as it implements the transition to a more cashless society.
The apex bank said it made the decision based on feedback received from stakeholders.
Recall that CBN had weeks ago pegged weekly cash withdrawal limit at N100,000 for individuals, a development that has caused furore in the polity.
