According to the Central Bank of Nigeria, there would be an increase in the order limiting cash withdrawal limitations (CBN).
According to a circular issued by the apex bank on Wednesday, Dec. 21, individuals can now withdraw N500,000 cash weekly and corporate entities can now withdraw up to N5 million cash using all accessible channels, including automated teller machines (ATMs) and point-of-sale (PoS) terminals.
The circular was signed by Haruna Mustafa, the organization’s director of banking supervision.
The rule goes into effect on January 9, 2023.
The Deposit Money Banks (DMOs) and other financial institutions were instructed by the CBN to ensure that weekly over-the-counter (OTC) cash withdrawals by individuals and business entities did not exceed N100,000 and N500,000, respectively, in the directive that was issued to them on December 6, 2022.
This infuriated Nigerians, who demanded that the National Assembly and CBN alter the directive.