CBN raises cash withdrawal limit for individuals to N500,000 weekly

Individuals can now withdraw N500,000 cash weekly following the Central Bank of Nigeria’s upward review of the cash withdrawal limits.

The policy was reviewed 15 two weeks after the CBN announced the withdrawal limits policy.

Announcing the development in a circular signed by the Director of Banking Supervision, Haruna B. Mustafa, on Wednesday, December 21, 2022, the CBN raised individuals’ and corporate organisations’ cash withdrawal limits to N500,000.00 and N5,000,000.00 respectively.

The circular reads: “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 above directive supersedes that of December 6, 2022, and takes effect nationwide from January 9, 2023.”

In its letter to all Deposit Money Banks (DMBS) and Other Financial Institutions Payment Service Banks (PSB), Primary Mortgage Banks (PMB) Microfinance Banks (MFBs), Mobile Money Operators (MMOs) and Agents), the apex bank said the review was based on feedback it got from stakeholders its earlier directive on the policy.

Recall that on Tuesday, December 6, 2022, the CBN issued a circular that restricted cash withdrawal to N100,000 for individuals and N500,000 for companies.

The policy which continues to generate reactions from Nigerians has also been a subject of conversation in the National Assembly.

In its bid to seek clarifications on the policy, the House of Representatives has on two occasions summoned the Governor of the Central Bank of Nigeria, Godwin Emefiele to explain the policy.

But Emefiele failed to appear before the lawmakers saying he was on official duty with the president.