The Central Bank of Nigeria (CBN) on Wednesday announced an upward review of its cash withdrawal limits directive.
Individuals can now withdraw N500,000 cash weekly and corporate entities can now withdraw up to N5 million cash across all channels including Automated Teller Machines (ATMs) and Point Of Sale (PoS) terminals.
“The maximum weekly limit for cash withdrawal across all channels by individuals and corporate organisations shall be N500,000 and N5,000,000 respectively,” the apex bank said in a circular issued on Wednesday signed by its Director of Banking Supervision, Haruna Mustafa.
The directive becomes effective from January 9, 2023, the apex bank maintained, saying the adjustment was based on feedback received from stakeholders after its initial announcement on December 6, 2022.