BREAKING: CBN Increases Weekly Cash Withdrawal Limits

Following a review of its policy on cash withdrawal limits, the Central Bank of Nigeria (CBN) has increased the weekly withdrawal restrictions for both individuals and corporate entities to N500,000 and N5,000,000, respectively.

The apex bank noted in a circular that the review was necessary as a result of comments from stakeholders.

The CBN also made note of its understanding of the crucial position currency plays in the Nigerian economy, particularly in rural areas where almost all transactions take place in cash.

“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 cash-less society. All banks and OFIs are to note that aiding and abetting the circumvention of this policy will attract severe sanctions,” part of the circular by the CBN said.

It should be noted that the review occurs just two weeks after the policy was released. According to earlier information from RNN, the policy would go into force on January 9, 2023.

READ MORE: BREAKING: CBN reduces over-the-counter withdrawals to N100k, N500k per week for individuals, companies