The Central Bank of Nigeria (CBN) has increased the maximum cash withdrawal limit to N500,000 from the N100,000 limit set to take effect from January 2023.
The CBN had announced a limit of N100,000 weekly on all cash withdrawals from personal accounts.
However, the limit had now been upped to N500,000 for personal accounts and N5 million for organizations.
This was contained in a circular issued by the apex bank signed by the director of the banking supervision department, Haruna Mustafa, on Wednesday.
The CBN said the changes were
made after reviewing from stakeholders.
The statement reads partly, “ The CBN hereby makes the following reviews: (1) the maximum weekly limit for cash withdrawals across all channels by individuals and corporate organisations shall be N500,000.00 and N5,000,000.000 respectively.
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“2. In compelling circumstances where cash withdrawal above time limits in (1) is required for legitimate purpose, such requests shall be subject to a processing fee of three per cent and five per cent for individuals and corporate organisations, respectively.”
Mustafa also stated that the limit of third-party cheques of above N100,000 shall not be eligible for over-the-counter payment.
“Third-party cheques above N100,000 shall not be eligible for payment over-the-counter, while the extant limit of N10 million on clearing cheques still subsist,” he started.
