Following a request by the National Assembly, the Central Bank of Nigeria has reviewed upward the limit on cash withdrawals by individuals and organisations.
The Upward review which was communicated through a letter addressed to all banks, and signed yesterday by the CBN’s Director of Banking Supervision, Haruna Mustafa, now allows individuals to withdraw up to N500,000 weekly and organisations, N5 million weekly.
The bank had on December 6 announced a new policy limiting over-the-counter cash withdrawals by individuals and corporate entities.
