Following pressure from Nigerians, the Central Bank of Nigeria (CBN) has reviewed cash withdrawal limits it issued earlier.
A circular issued by Haruna Mustafa, Director of Banking Supervision says the CBN has consequently makes the following reviews:
The maximum cash weekly limit for cash withdrawal across all channels by individuals is now N500, 000 while corporate is N5million.
It says in a situation where cash withdrawal above N500,000 for individuals and N5million for corporate is required for legitimate purposes, such requests shall be subject to a processing fee of 3% and 5% for individuals and corporate organisations respectively.