CBN Increases Weekly Withdrawal Limit

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Relief as the Central Bank of Nigeria (CBN) increases its weekly withdrawal limit from its initial N100,000 to N500,000.

The apex bank announced upward adjustments in the weekly cash withdrawal limit to N500, 000 for individual and N5 million for corporate bodies.

The policy shift was announced by the CBN Director in charge of Banking Supervision Department, Haruna Mustafa.

The review represents about 400 per cent increase, from N100, 000 and N1 million withdrawal limits set by the apex bank in its December 6 circular.

In a memo sent to “All Deposit Money Banks (DMBS) and Other Financial Institutions-Payment Service Banks (PSBs); Primary Mortgage Banks (PMBs); Microfinance Banks (MFBs), Mobile Money Operators (MMOs) and Agents, Mustafa said the adjustments followed feedback received from stakeholders.

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