Apparently bowing to pressure following backlash that greeted the recent cash withdrawal policy announced by the Central Bank of Nigeria (CBN), the apex bank on Thursday reversed the decision.
The CBN in a letter to banks in Nigeria increased the maximum weekly limit for cash withdrawals across all channels by individuals and corporate organisations to N500, 000 and N5m, respectively.
The apex bank said it made the decision based on feedback received from stakeholders.
The letter dated December 21, 2022, with reference number BSD/DIR/PUB/LAB/015/073 was obtained by THE WHISTLER.
It was signed by Haruna Mustafa who is the Director of Banking Supervision in the CBN.
It reads, “Following our circular BSD/DIR/PUB/LAB/015/06dated December 6, 2022, on the above subject and based on feedback received from stakeholders, the Central Bank of Nigeria (CBN) hereby makes the following reviews:
“The maximum weekly limit individuals and corporate N5,000,000.00 respectively for cash withdrawal organizations shall
across all channels by be 500,000.00
” In compelling circumstances where cash withdrawal above the limits in (1) above is required for legitimate purposes, such requests shall be subject to a processing fee of 3% and 5% for individuals and corporate organizations, respectively.”
Source: The Whistler
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