Cash withdrawal limit policy goes into effect nationwide in Nigeria

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The Central Bank of Nigeria’s cash withdrawal limit policy for individuals and corporate entities will take effect today.

Recall that the apex bank made a U-turn on its cash withdrawal policy.

Under the reviewed Policy, individuals can only withdraw a maximum of N500, 000, while corporate organisations can withdraw N5 million cash weekly.

Also, third-party cheques above N100, 000 are no longer eligible for payment over the counter. They would subsequently be paid into bank accounts.

However, if there is a compelling reason to withdraw cash over the stipulated limits, such a request shall be subjected to three and five per cent for individuals and companies, respectively.