CBN reviews policy, raises cash withdrawal limits

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The Central Bank of Nigeria, CBN, has reviewed its weekly cash withdrawal limits set for individuals and corporate organisations.

The Apex bank has raised its weekly cash withdrawal limits set for individuals and corporate organisations to N500,000 and N5 million, respectively.

Recall, the bank earlier pegged individual cash withdrawals per week at N100,000; while corporate organisations were limited to weekly withdrawals of N500,000.

The reviewed limits under the new policy were contained in a circular number BSD/DIR/PUB/LAB/015/073 and dated December 21, 2022.

The circular by the Director of Banking Supervision, Mr Haruna Mustapha.

According to the CBN, any withdrawal above the set limits must be approved by the Managing Director of the bank in writing.

The circular added that Third Party Cheques above N1 million will not be eligible for over-the-counter withdrawal.

The apex bank warned that any bank that connives with its customers to circumvent the policy would face severe sanctions.

Meanwhile the new policy will become effective on January 9, 2023.

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