CBN Capitulates On Weekly Withdrawal Limit, Now N500K For Individuals, N5m For Firms

The Central Bank of Nigeria (CBN) has bowed to intense pressure to rescind its decision to limit cash withdrawal.

The apex bank, in a statement on Wednesday increased the weekly limit for cash withdrawals across all channels by individuals and corporate organisations to N500,000 and N5 million, respectively.

In a letter to financial institutions in the country dated December 21, 2022 and signed by CBN Director of Banking Supervision, Haruna B. Mustafa, the country’s apex bank, which had been under immense pressure, particularly by politicians, to reverse its decision to peg the weekly withdrawal limit to N100,000 for individuals and N5m for corporate organisations.