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CBN Bows to Pressure, Raises Weekly Withdrawal Limits

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The Central Bank of Nigeria (CBN) has revised the weekly cash withdrawal limits for individuals and corporate bodies following pressure from many Nigerians and lawmakers. 

In the new review, individuals can now withdraw N500,000 cash weekly and corporate entities can now withdraw up to N5 million cash across all channels including Automated Teller Machines (ATMs) and Point Of Sale (PoS) terminals.

in a circular signed and issued on Wednesday by the CBN Director of Banking Supervision, Haruna Mustafa, the CBN said “The maximum weekly limit for cash withdrawal across all channels by individuals and corporate organizations shall be N500,000.00 and N5,000,000.00 respectively.”

 

The apex bank also reviewed upward the amount that can be cashed over the counter through third-party cheques to N100,000.

Recall that on December 6, 2022, the CBN restricted cash withdrawals for individuals to N20,000 per day, totaling N100,000 per week, and N500,000 for corporates. It also limited over-the-counter cash payment of third-party cheques to N50,000.


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