Again, CBN Reviews Cash Withdrawal Limits To N500, 000, - Liberty TV/Radio - News - Voice For All! Vision For Alll!
Publisher (F.BA)
December 22, 2022
The apex bank also reviewed downward, the stipulated percentage cost for withdrawals above the stipulated limits.
This is according to a statement by the CBN’s Director, Banking Supervision Haruna Mustapha.
According to Mustapha, in compelling circumstances where cash withdrawals above the limits is required, they shall be subject to a processing fee of three per cent and five per cent for individuals and corporate organisations respectively.
The apex bank, in a statement on 6  December, indicated that beginning from January 9, 2023, the amounts individuals and corporate organisations could withdraw per week would not exceed 100,000 naira and 500,000 naira, respectively.
The decision had, however, received criticisms from a wide range of stakeholders, including members of the National Assembly, who urged the CBN Governor, Godwin Emefiele, to increase the withdrawal limits.
The House of Representatives had also invited Emefiele to make further clarifications on the policy to its members.