CBN Bows To Pressure, Increases Cash Withdrawals

Central Bank of Nigeria, CBN has bowed to pressure, changing its earlier limit on weekly cash withdrawal for individuals from one hundred thousand to five hundred thousand (100,000-500,000) across all channels.

According to a circular signed by Director of Banking Supervision, Haruna Mustafa, corporate entities are also allowed to withdraw as much as five million naira(5,000,000) weekly.

It is reported that the new directive might put to rest the controversy generated by the policy, marked for suspension by the House of Representatives.

The policy still takes effect on the 9th of January, next year.