CBN reverses course and raises the cap for cash withdrawals to N500,000

The Central Bank of Nigeria (CBN) revised the cash withdrawal restrictions on Wednesday to N500,000 for individual accounts and N5,000,000 for corporate accounts, respectively.

The required % charge for withdrawals that exceed the restrictions was also reduced by the apex bank.

This was announced in a statement on Wednesday by the Director of Banking Supervision at the CBN, Haruna Mustapha.

When cash withdrawals above the limitations are necessary due to extenuating circumstances, he stated that there will be a processing fee of 3% for individuals and 5% for business organizations, respectively.

Remember that the CBN announced on December 6 that, as of January 9, 2023, the weekly withdrawal limits for both individuals and business organizations would be N100,000 and N500,000, respectively.

However, the move had drawn condemnation from a variety of parties, including National Assembly members who pushed CBN Governor Godwin Emefiele to raise the withdrawal restrictions.

Emefiele has also been invited by the House of Representatives to provide additional explanations of the policy to its constituents.

Emefiele, according to CBN, was unable to attend the brief because to health issues.

Mustapha went on to say that despite the current assessment, clients should still be encouraged to perform banking transactions through alternative channels such Internet banking, mobile banking apps, USSD, POS, and eNaira.

In order to provide access to financial services in underserved and rural regions, he also stated that banks and mobile agents were crucial players in the financial system.

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