Cash limits: Emefiele bows to pressure, raises withdrawals to N500,000, N5m

The Governor of the Central Bank of Nigeria, Godwin Emefiele, has finally bowed to pressure to revise the bank’s cash withdrawal limits policy. In a circular on Wednesday by the CBN’s Director of Banking Supervision, Haruna Mustafa, the CBN said it had reviewed upwards the maximum weekly limit for cash withdrawal across all channels by individuals and corporate organisations to N500,000 and N5m respectively. The CBN attributed the development to the feedback it got from stakeholders. For transactions above the withdrawal limits, financial institutions are required to get details of the customers and upload same on the CBN portal created

By |December 22nd, 2022|Categories: News|Tags: , , , |0 Comments
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