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June 17, 2024

Customers, companies dey fear as CBN slash withdrawal limits

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cash-slash-withdrawal-limit

Di Central Bank of Nigeria don imposed fresh cash withdrawal limits on individuals and organisations, wey go dey effective on January 9, 2023.

According to memo wey CBN issue to banks on Tuesday, individuals go fit withdraw only  N100,000 per week (from over-the-counter, point-of-sale machines or automated teller machines), while organisations go fit access N500,000 per week.

YOU GO LIKE READ: How to Manage Your Spending: Tips to Keep Your Budget in Check

Di memo wey signed by CBN Director of Banking Supervision, Haruna Mustafa, direct banks make dem load only N200 and lower denominations for their ATMs. This one mean say Nigerians go fit only withdraw N20,000 per day from ATMs when di directive don dey effective.

“The maximum cash withdrawal over the counter by individuals and corporate organisations per week shall henceforth be N100,000 and N500,000 respectively. Withdrawals above these limits shall attract processing fees of 5 per and 10 per, respectively.” Na wetin dem write for di memo be that.

This tori dey inside Punch…READ MORE

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