By Muhammed Abubakar, Reporting
THE Central Bank of Nigeria (CBN) has bowed to pressure from many Nigerians and announced an upward review of its cash withdrawal limits’ directive.
The back said Individuals can now withdraw N500,000 cash weekly and corporate entities can now withdraw up to N5 million cash across all channels including Automated Teller Machines (ATMs) and Point Of Sale (PoS) terminals.
The Nigeria apex bank made the announcement in a circular issued on Wednesday and signed by its Director of Banking Supervision, Haruna Mustafa.
According to the statement, the directive becomes effective from January 9, 2023.
Stonix News had reported that CBN had, on December 6, 2022, ordered Deposit Money Banks (DMOs) and other financial institutions to ensure that weekly over-the-counter (OTC) cash withdrawals by individuals and corporate entities do not exceed N100,000 and N500,000, respectively.
The directive sparked outrage from Nigerians and the National Assembly who disapproved of the policy and called for a review.
However, the apex bank on Wednesday adjusted the weekly cash withdrawal limits to N500,000 for individuals and N5m for corporate firms.
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