The Central Bank of Nigeria (CBN) has increased the weekly limit for cash withdrawals across all channels by individuals and corporate organisations to N500,000 and N5 million, respectively.
This is contained in a letter to financial institutions in the country dated December 21, 2022.
The letter was signed by CBN Director of Banking Supervision, Haruna B. Mustafa.
It indicates a U-turn by the country’s apex bank, which had been under immense pressure, particularly by politicians, to reverse its decision to peg the weekly withdrawal limit to N100,000 for individuals and N5m for corporate organisations.
Credit text, except adjusted headline: NEWS EXPRESS.
