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Cash Withdrawal: CBN review policy

The Central Bank of Nigeria (CBN)

The Central Bank of Nigeria (CBN) has reviewed its Cash Withdrawal Limit Upward from the initial planned One hundred thousand naira (100,000) weekly for Individuals to a maximum of five hundred thousand naira (500,000) weekly limit for cash withdrawal across all channels by individuals.

For corporate organisations, the Withdrawal Limit was adjusted to Five million Naira(5,000,000).

The CBN said this in a letter addressed to all deposit Money Bank and other Financial Institutions on Wednesday signed by the Director of Banking Supervision Haruna Mustafa said the Directive Supersedes the December 16th 2022 Directive and will take effect from January 19th 2023.

The Apex Bank stated that a third-party Cheque above one hundred thousand naira (100,000) shall not be eligible for payment over the counter while the extant limit of ten million Naira (10,000,000) on clearing cheques shall subsist.

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