CBN Increases Cash Withdrawal Limit to N500,000 Weekly
The Central Bank of Nigeria (CBN) has made an upward review of its cash withdrawal limit directive 15 days after issuing the policy as individuals can now withdraw N500,000 cash weekly and up to N5 million for corporate entities from 9th January, 2023.
“The above directive supersedes that of December 6, 2022 and takes effect nationwide from January 9, 2023,” it noted.
Mobile Money Operators (MMOs) and Agents), CBN said the review was based on feedback it got from stakeholders after issuing the December 6 circular that limited cash withdrawal to N100,000 for individuals and N500,000 for companies.
However, CBN retained the caveat for legitimate cash withdrawal above the limits as such requests shall be subject to a processing fee of 3 per cent and 5% for individuals and corporate organizations respectively, but through a portal with the customer’s details, including valid ID card, tax ID and BVN.
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“The CBN recognizes the vital role that cash plays in supporting underserved and rural communities and will ensure an inclusive approach as it implements the transition to a more cashless society,” CBN added.