Cash withdrawal: CBN don increase individuals and organisation limits
Di Central Bank of Nigeria, CBN don revised di cash withdrawal limits for individuals to N500,000 weekly from N100,000 weekly across all payment channels.
Di Apex bank also revised the cash withdrawal limit for corporates to N5 million weekly from N500,000 weekly.
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CBN yarn dis one on Wednesday for letter to all Deposits Money Banks and other financial institutions, Payment Service Banks, Primary Mortgage Banks, Microfinance Banks, and Mobile Money Operators and agents signed by Director of Banking Supervision, CBN, Haruna Mustapha.
According to the regulatory body, di new policy go supersede that of December 6, 2022 and he go dey effective nationwide from January 9, 2023.
Di letter tok:say,”Following our circular BSD/DIR/PUB/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 organizations shall be N500,000and N5 000,000 respectively.
Any third party cheques above N100, 000 no go eligible for payment for counter, while any money wey reach N10 million on clearing cheques mata still dey as dem tok am bifore.
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