The Central Bank of Nigeria (CBN) revised the cash withdrawal limits on Wednesday to N500,000 for individual accounts and N5,000,000 for corporate accounts, respectively.
The stipulated percentage charge for withdrawals that exceed the limits 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 limits are necessary due to extenuating circumstances, he stated that there will be a processing fee of 3% for individuals and 5% for corporate organizations, respectively.
Remember that the CBN announced on December 6 that, as of January 9, 2023, the weekly withdrawal limits for both individuals and corporate organizations would be N100,000 and N500,000, respectively.
However, the decision had drawn criticism from a variety of parties, including National Assembly members who urged CBN Governor Godwin Emefiele to raise the withdrawal limits.
Emefiele had 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 due to health issues.
Mustapha went on to say that despite the new review, customers should still be encouraged to conduct banking transactions through alternative channels like Internet banking, mobile banking apps, USSD, POS, and eNaira.
In order to provide access to financial services in underserved and rural communities, he further stated that banks and mobile agents were crucial players in the financial system.
