BREAKING: CBN bows to pressure, increases cash withdrawal limits

Cash withdrawal above the limits shall be subject to a processing fee of 3 per cent and 5 per cent for individuals and corporate organisations respectively.

By Jeffrey Agbo

The Central Bank of Nigeria (CBN) has revised its cash withdrawal limit policy, stating that individuals and corporate organisations can now withdraw weekly N500,000 and N5 million respectively.

The apex bank announced this in a letter dated December 21 and signed by the CBN Director of Banking Supervision, Haruna Mustafa. The letter, which was made available to The Niche, was addressed to all deposit money banks and other financial institutions.

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“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 letter read.

Cash withdrawal above the limits shall be subject to a processing fee of 3 per cent and 5 per cent for individuals and corporate organisations respectively.

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According to the CBN, the decision to revise the policy was based on feedback received from stakeholders.

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Previously, individuals were constrained to N100,000 cash withdrawals weekly and N20,000 daily while corporate organisations were limited to weekly withdrawals of N500,000.

“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,” the letter added.

The CBN said monthly returns on cash withdrawal transactions above the specified limits should be rendered to the banking supervision department, other financial institutions’ supervision and payments system management departments.