Citing what it said was feedback from stakeholders, the Central Bank of Nigeria (CBN) on Wednesday reviewed upwards the maximum weekly limit for cash withdrawal across all channels by individuals and corporate organisations to N500,000 and N5 million respectively.
The apex bank stated this in a circular issued Wednesday evening. New Telegraph reports that in an earlier circular it issued on December 6, the CBN had said that with effect from January 9, 2023, the maximum cash withdrawal over the counter by individuals and corporate organisations per week, will be N100,000 and N500,000 respectively, adding that withdrawals above these limits will attract processing fees of 5 per cent and 10 per cent respectively.
It further stated that maximum cash withdrawal per week via Automated Teller Machines (ATMs), from January 9, will be N100,000 subject to a maximum of N20,000 cash withdrawal per day.
The apex bank also directed banks to load only N200 and lower denominations into their ATMs.
In addition, the CBN announced that maximum cash withdrawal via Point of Sales (PoS) terminals), from January 9, will be N20,000 daily.
