The Central Bank of Nigeria (CBN) has announced that it will be increasing the cash withdrawal limits for individuals and corporate organisations effective January 9, 2023.
According to a circular signed by the Director of Banking Supervision, Haruna B. Mustafa, on Wednesday, December 21, 2022, the new limits for individuals will be N500,000 and N5,000,000 for corporate organisations.
The previous limits, announced on December 6, 2022, were N100,000 for individuals and N500,000 for companies.
This policy review has generated reactions from Nigerians and has also been a subject of discussion in the National Assembly.
The Governor of the CBN, Godwin Emefiele, has been summoned to the House of Representatives on two occasions to explain the policy, but has been unable to attend due to official duties with the president.