CBN Places Maximum Withdrawal for Individuals and Organizations

The Central Bank of Nigeria, CBN has placed a maximum withdrawal for individuals and corporate organizations weekly to resuscitate the Naira.

A letter signed by the Director of Banking Supervision, Haruna B. Mustafa on Tuesday stated that any over-the-counter withdrawal should be rendered to the Banking Supervision Department.

It further stated that the policy takes place from January 9, 2023, and warned that any circumvention of the policy will attract severe sanctions.

The statement also encouraged customers to make use of internet banking for their transactions.

The CBN also directed that the maximum cash limit from Automated Teller Machines, ATM shall be N100, 000 per week and N20,000 per day and only N200 denominations shall be uploaded to the machine.

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