Lagos, Dec. 6, 2022 – The Central Bank of Nigeria (CBN) today introduced a new policy limiting over-the-counter cash withdrawals per week.
The CBN has directed banks and other financial institutions to ensure that over-the-counter cash withdrawals by individuals and corporate entities should not exceed N100, 000 and N500, 000, respectively, per week.
The cash withdrawal limits is contained in a circular issued today by the apex bank 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 bank notes.
Godwin Emefiele, the Governor of CBN, had said during the introduction of the new notes that it was intended to check large-scale withdrawals and abuses of naira notes. (GBN)
