The Central Bank of Nigeria (CBN) has released a new policy that seeks to limit over-the-counter cash withdrawals by individuals and corporate entities to N100,000 and N500,000 per week, respectively.
In a circular issued by the CBN on Tuesday, the apex bank said the new directive will take effect nationwide on January 9, 2023
Following the implementation of the policy, all cash withdrawals in excess of the abovementioned restrictions will be subject to processing costs of 5 and 10 per cent, respectively.
The CBN Stated that the “maximum cash withdrawal over the counter by individuals and corporate organisations per week shall henceforth be N100k and N500k respectively. Withdrawals above these limits shall attract processing fees of 5% and 10%, respectively.