Tag: Cash Withdrawal

<strong>CBN Reviews Cash Withdrawal Limit After Criticism</strong>
Economy, Finance, News, Nigeria

CBN Reviews Cash Withdrawal Limit After Criticism

The Central Bank of Nigeria, CBN, has reviewed the maximum weekly cash withdrawal limit across all channels by individuals and corporate oganisations to N500,000 and N5 million, respectively. This is contained in a statement issued by the bank’s Director of banking supervision department, Haruna Mustafa, on Wednesday. This comes two weeks after the apex bank reduced the weekly over-the-counter cash withdrawal limit for individuals to N100,000 and that of corporate organisations to N500,000. Recall that the CBN also reduced withdrawals at automated teller machines, ATMs, and point-of-sale terminals to N20,000 per day. The policy elicited criticism from Nigerians from different walks of life. While some believe it portends negative impact on small businesses, others praise i...