The Central Bank of Nigeria on Wednesday increased the maximum weekly limit for cash withdrawals across all channels by individuals and corporate organisations to N500,000 and N5 million, respectively.
The directive is contained in a circular issued by the bank on Wednesday and signed by the director of banking supervision department, Haruna Mustafa.
The development is coming two weeks after the CBN reduced the weekly over-the-counter cash withdrawal limit for individuals to N100,000 and that of corporate organisations to N500,000.
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The apex bank also reduced withdrawals at Automated Teller Machines and point-of-sale terminals to N20,000 daily.
The development subsequently triggered mixed reactions among Nigerians as the federal lawmakers also reacted to the policy.
According to the Wednesday circular, the apex bank disclosed that it made the upward review based on feedback received from stakeholders.
“The 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
