CBN reverses cash withdrawal policy, extends limit to N500,000

The Central Bank of Nigeria (CBN) has reversed its decision on maximum cash withdrawal limits.

In a new circular issued to all banks late Wednesday, the CBN said it increased the maximum weekly limit for cash withdrawal across all channels.

Going forward, individuals and corporate organisations can now withdraw N500,000 and N5,000,000 cash.

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The circular was signed by Haruna Mustafa, Director of Banking Supervision.

It reads in part: “In compelling circumstances where cash withdrawal above the limits is required for legitimate purposes, such requests shall be subject to a processing fee of three per cent and five per cent for individuals and corporate organisations, respectively.”

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