JUST IN: CBN Lowers Over-The-Counter Withdrawal Limits For Individuals And Businesses To N100k And N500k Per Week.
The Central Bank of Nigeria (CBN) has announced a new policy that mandates deposit money banks and other financial institutions to ensure that over-the-counter cash withdrawals by individuals and corporate entities do not exceed N100, 000 and N500, 000, respectively, per week.
The revised cash withdrawal limits, contained in a circular issued today by the apex bank and seen by Nairametrics, will take effect nationwide on January 9, 2023.
The new policy is coming barely weeks after President Muhammadu Buhari launched the newly redesigned N200, N500, and N1000 banknotes.
More details shortly…