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CBN Increases Cash Withdrawal Limit

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The Central Bank of Nigeria, CBN, has increased the maximum weekly limit for cash withdrawals by individuals and corporate organizations to N500,000 and N5 million, respectively.

The directive was contained in a circular signed by the director of banking supervision department, Haruna Mustafa.

According to the circular, the apex bank made the upward review based on feedback received from stakeholders.

This comes two weeks after the CBN reduced the weekly over-the-counter cash withdrawal limit for individuals to N100,000 and that of corporate organizations to N500,000.

Written by: Helen Obih

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