CBN Updates Cash Withdrawal Limits
The new weekly limit is now N500k and N5m respectively for individuals and companies, PT reports.
Ahead of the distribution of the redesigned naira notes, the bank had on December 6 announced a new policy limiting over-the-counter cash withdrawals by individuals and corporate entities to N100, 000 and N500, 000, respectively, per week.
The upward review comes after the National Assembly asked the bank to considerably adjust the withdrawal limits in response to public outcry on the policy.
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The new directive which was communicated through a letter addressed to all banks, and signed on Wednesday by the Director of Banking Supervision, Haruna Mustafa, now allows individuals to withdraw up to N500,000 weekly and organisations, N5 million weekly. The initial limit was N100,000 for individuals