The Central Bank of Nigeria CBN has revised cash withdrawal limits to 500, 000 Naira and 5 million Naira for individuals and corporate accounts respectively, while it also reviewed downward, the stipulated percentage cost for withdrawals above the stipulated limits.
The Director of Banking Supervision of CBN, Haruna Mustapha in a statement yesterday said in gripping circumstances where cash withdrawals above the limits are required, they shall be subject to a processing fee of three percent and five percent for individuals and corporate organizations respectively.
It would be recalled that the CBN on December 6 said that beginning from January 9, 2023, the amounts individuals and corporate organizations could withdraw per week would not exceed 100,000 Naira and 500,000 Naira, respectively.
The decision had, however, received disapprovals from a wide range of stakeholders, including members of the National Assembly, who urged the Governor of the CBN, Godwin Emefiele, to increase the withdrawal limit and come to the House of Representatives to make further clarifications on the policy to its members.
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