CBN raises weekly cash withdrawals to N500,000, N5m

The Central Bank of Nigeria (CBN) has increased the weekly cash withdrawals for individuals to N500,000 and N5 million for corporate organisations in the country.

The apex bank announced the development in a letter addressed to banks on Wednesday.

The decision, according to the statement, was taken after feedback from industry stakeholders.

The CBN had on December 6 pegged the daily withdrawals for individuals to N100,000 and N500,000 for businesses.

READ ALSO: Cash withdrawal policy: CBN’s Emefiele disrespecting Nigerians –Lawmaker

The policy elicited mixed reactions in the country with the Senate and House of Representatives inviting the CBN Governor, Godwin Emefiele, to appear before the lawmakers and explain the rationale behind the withdrawal limits.

He was expected to appear at the House of Representatives on Thursday after snubbing two previous invitations from the lawmakers.

However, the Deputy Governor in charge of Financial System Stability at CBN, Aisha Ahmad, will represent Emefiele at the meeting after the apex bank informed the lawmakers that the governor was down with an undisclosed ailment.

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