CBN Raises Cash Withdrawal Limit, Following Stakeholders’ Pressure

The Central Bank of Nigeria (CBN) has yielded to the pressure from the major stakeholders, as it raises its cash withdrawal limit from banking facilities and Point of Sales (PoS) as from January 9, 2023.

The apex bank now allows a maximum withdrawal of N100,000 daily and N500,000 weekly by individuals from either PoS or banks counter.

Also, corporate bodies could withdraw a maximum of N500,000 daily or N5million weekly.

The upward review was contained in a circular issued by the CBN Director of Banking Supervision, Haruna Mustapha, transmitted to the banks on Wednesday.

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CBN Limits Cash Withdrawal From Banks, ATM, PoS To N100,000 Weekly

Mustapha directed that any cash withdrawal above the stipulated limit must be approved by the managing directors of banks in writing.

He explained that the upward adjustment followed feedbacks received by the CBN from stakeholders.

Earlier, the cash withdrawal limit was pegged at N20,000 daily and N100,000 weekly for individuals and N100,000 daily and N500,000 weekly for corporate organizatons by the Central Bank of Nigeria.

For third party cheques, the apex bank had said such cheques above N1 million would not be honoured over the counter withdrawal.