CBN Increases Cash Withdrawal Limit To N500,000 Weekly

Following public outrage against the initial N100,000 limit earlier imposed by the Central Bank of Nigeria (CBN), the apex bank has increased the maximum weekly limit for cash withdrawals by individuals and corporate entities through all channels to N500,000 and N5 million, respectively.

In a circular issued by the CBN on Wednesday, the apex bank said the policy was revised after consultations with stakeholders.

“The Central Bank of Nigeria (CBN) hereby makes the following reviews: (1) the maximum weekly limit for cash withdrawal across all channels by individuals and corporate organisations shall be N500,000.00 and N5,000,000.00 respectively,” the circular reads.

Two weeks ago, the CBN lowered the weekly over-the-counter cash withdrawal limit for individuals to N100,000 and for corporate organisations to N500,000.

The bank also limited withdrawals at point-of-sale (POS) terminals and ATMs to N20,000 per day.

The idea has sparked outrage among Nigerians, with many concerned about the unbanked population’s survival in the aftermath of the new policy.

The Nigerian National Assembly’s top and lower legislative chambers had both opposed the development.

While the Senate asked the apex bank to consider raising the withdrawal limit, the House of Representatives summoned Godwin Emefiele and directed that policy implementation be halted until the House was properly briefed on how the bank intended to implement the policy in a way that would benefit Nigerians.