Central Bank of Nigeria, CBN has reviewed the cash withdrawal limit announced in the month.
Gatekeepers News reports that this was disclosed in a circular signed by the CBN director of Banking Supervision, Haruna Mustafa.
The circular reads in part, “Following our circular BSD/DIR/PUB/LAB/015/069 dated December 6, 2022 on the above subiect and based on feedback received from stakeholders, the Central Bank of Nigeria (CBN) hereby makes the following reviews:
1. The maximum weekly limit for cash withdrawal across all channels by individuals and corporate organizations shall be #500,000.00 N5,000,000.00 respectively.
2. In compelling circumstances where cash withdrawal above the limits in (1) above is required for legitimate purposes, such requests shall be subject to a processing fee of 3% and 5% for individuals and corporate organizations, respectively.
3. Further to (2) above, the financial institution shall obtain the following information from the customer, at the minimum, and upload same on the CBN.
This is a developing story.
