CBN Increases Cash Withdrawal Limit For Individuals To N500,000 Weekly

Posted by African Examiner Business News, Latest Headlines Friday, December 23rd, 2022

(AFRICAN EXAMINER) – The Central Bank of Nigeria (CBN) has stated that Individuals can now withdraw N500,000 cash weekly after it reviewed its cash withdrawal limits.

African Examiner writes that this policy was reviewed two weeks after the CBN initially announced the withdrawal limits policy.

Announcing the development in a circular signed by the Director of Banking Supervision, Haruna B. Mustafa, on Wednesday, the apex bank raised individuals’ and corporate organisations’ cash withdrawal limits to N500,000.00 and N5,000,000.00 respectively.

The circular reads: “The maximum weekly limit for cash withdrawal across all channels by individuals and corporate organizations shall be N500,000.00 and N5,000,000.00 respectively.

“The above directive supersedes that of December 6, 2022, and takes effect nationwide from January 9, 2023.”