A new policy has been made by the Central Bank of Nigeria (CBN) which 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.
According to a report by Nairametrics, the revised cash withdrawal limits is contained in a circular issued today by the apex bank and 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.
After the policy takes effect, all cash withdrawals in excess of the stated limits will attract processing fees of 5% and 10%, respectively.
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