CBN STOPS THE WITHDRAWAL OF MORE THAN N100,000 AND N500,000 PER WEEK FOR INDIVIDUALS AND FIRMS







By Nkoyo Etim

The Central Bank of Nigeria, CBN today has released a new policy directive on cash withdrawal limit across banks and financial institutions in the country. 

According  to a statement by the apex bank, over the counter withdrawals for individuals would henceforth be limited to one hundred thousand naira (N100,000) for individuals and five hundred thousand naira (500,000) for corporate organizations per week.

It was gathered that the new policy mandates banks and other financial institutions to ensure that  individuals and corporate bodies do not exceed the just revised  limit.

The revised withdrawal limit is expected to take effect nationwide  from January 9, 2023.

This directive is coming on the heels of the launch of the redesigned Naira notes by the President of the Federal Republic of Nigeria, on Wednesday, November 23, 2022 and in line with the Cash-less policy of the CBN that all deposit money banks (DMBs) and other financial institutions (0F1s) are hereby directed to note and comply with the policy.

The statement concluded that aiding and abetting the circumvention of this policy will attract severe sanctions by defaulters from the Central Bank of Nigeria.




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