CBN raises cash withdrawal limits
The Central Bank of Nigeria, CBN, has raised its weekly cash withdrawal limits set for individuals and corporate organisations to N500,000 and N5 million, respectively.
The earlier limits 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.