Cash Withdrawal Policy: CBN Bows To Pressure Reviews Weekly Limits Upward

…Pegs individual limit at N500, 000, corporate N5m

The Central Bank of Nigeria (CBN) has bowed to public outcry on the weekly cash withdrawal limits, reviewing individual amounts to 500,000 and corporate withdrawals to N5 million.

In a circular addressed to all Deposit Money Banks (DMBS) and other Financial Institutions (Payment Service Banks (PSBSs), Primary Mortgage Banks (PMBs), Microfinance Banks (MFBs), Mobile Money Operators (MMOs) and Agents, the apex bank increased the weekly withdrawals for individuals and corporate organisations to N500, 000 and N5 million, respectively.

In the circular titled, “Re: Naira Redesign Policy – Revised Cash Withdrawal Limits” obtained by The Daily Times, the CBN explained that the review was a sequel to the feedback it received from stakeholders.

“The CBN recognizes the vital role that cash can play in supporting the underserved and rural communities and will ensure an inclusive approach as it implements the transition to a more cash-less society”, the apex bank stated.