CBN revisits withdrawal limits, fixes .5m & 5m for individuals, corporates - ITREALMS

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In obvious surrender to the public pressure and outcry over the recent proclamations by the Central Bank of Nigeria (CBN), the apex bank, has increased the weekly limit for cash withdrawals across all channels by individuals and corporate organisations to N500,000 and N5 million, in that order, reports ITREALMS.

A letter to financial institutions on Thursday, dated December 21, 2022, and signed by the Director, Banking Supervision at CBN, Haruna B. Mustafa, alluded to the fact that they are a listening organisation by increasing withdrawals against earlier announced.

ITREALMS gathered that it has been an immense pressure from stakeholders and banking public in the country since CBN proclaimed its new policies to align with the newly redesigned currency notes.

ITREALMS recalled that in the last few weeks, CBN especially the Bank Governor, Mr. Godwin Emefiele with threats of DSS arrest to court summon and multiple investigations, as well as invitation to DSS to arrest Emefiele among others.

CBN, however, said it made the decision to review its earlier policy was based on feedback received from stakeholders since the pronouncement was made on December 6, this year.

Remmy Nweke/DoP