CBN Reduces Over-The-Counter Withdrawals to N100k, N500k Per Week For individuals, Companies

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A new policy directive concerning over-the-counter cash withdrawals has been released by the Central Bank of Nigeria (CBN).
 
Nairametrics reported that the new policy mandates deposit money banks and other financial institutions to ensure that over-the-counter cash withdrawals by individuals and corporate entities do not exceed N100, 000 and N500, 000, respectively, per week.
 
The revised cash withdrawal limit, contained in a circular issued today by the apex bank and seen by Nairametrics, will take effect nationwide on January 9, 2023.
 
More details shortly
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