CBN cash withdrawal limit policy goes into effect nationwide

The Central Bank of Nigeria’s cash withdrawal limit policy for individuals and corporate entities will take effect today.

Recall that the apex bank made a U-turn on its cash withdrawal policy.

Under the reviewed Policy, individuals can only withdraw a maximum of N500, 000, while corporate organisations can withdraw N5 million cash weekly.

Also, third-party cheques above N100, 000 are no longer eligible for payment over the counter. They would subsequently be paid into bank accounts.

However, if there is a compelling reason to withdraw cash over the stipulated limits, such a request shall be subjected to three and five per cent for individuals and companies, respectively.