The Central Bank of Nigeria (CBN) has increased the maximum weekly limit for cash withdrawals across all channels by individuals and corporate organisations to N500,000 and N5million, respectively.
The CBN said this in a letter addressed to banks on Wednesday.
According to the CBN, this was as a result of feedback it got from stakeholders.
The Apex Bank had weeks ago pegged weekly cash withdrawal limit at N100,000 for individuals and N500,000 for corporate.
The decision that has generated issues with some Nigerians backing the CBN on its decision while others condemned the limit.
The House of Representatives had also invited Emefiele to make further clarifications on the policy to its members.
However,in another development, Haruna Mustapha, CBN’s Director, Banking Supervision said 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.
Mustapha said in spite of the new review, customers should still be encouraged to use alternative channels like Internet banking, mobile banking apps, USSD, POS and eNaira to conduct banking transactions.
He added that bank and mobile agents were important participants in the financial system, enabling access to financial services in underserved and rural communities.
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“They will continue to perform strategic functions in line with existing regulations governing their activities.
“The CBN recognises the vital role that cash plays in supporting underserved and rural communities and will ensure an inclusive approach as it implements the transition to a more cashless society,”he said.
He warned all banks and Other Financial Institutions (OFIs) that aiding and abetting the circumvention of the new policy would attract severe sanctions.
“The above directives supercede that of Dec. 6, and take effect nationwide from Jan. 9, 2023,he added