BREAKING: CBN increases cash withdrawal limits
A report on Thursday morning revealed that the central Bank of Nigeria (CBN), has increased its weekly cash withdrawal limits for individuals and corporate organisations to N5000,000 and N5 million, respectively.
The limit which was set earlier at N100,000 for individual withdrawal, while corporate organisations were set at N500,000 weekly, has been changed and improved.
This report by Vanguard shows that the new policy’s evaluated limits were included in a circular number BSD/DIR/PUB/LAB/015/073 with the date December 21, 2022.
The Director of Banking Supervision, Mr Haruna Mustapha, stated as reported by CBN that, any withdrawal above the set limits must be approved by the Managing Director of the bank in writing.
It further illustrated that, Third Party Cheques above N1 million will not be eligible for over-the-counter withdrawal.
While the apex bank warned that any bank that colludes with its clients to get around the policy would be subject to penalties.
Excel gathered that the new policy will become effective on January 9, 2023.
The circular reads: “Following our circular BSD/DIRIPUB/LAB/015/069 dated December 6, 2022, on the above subject and based on feedback received from stakeholders, the CBN, hereby makes the following reviews:
“The maximum weekly limit for cash withdrawal across all channels by individuals and corporate organisations shall be N500,000 and N5,000,000, respectively.
