The Central Bank of Nigeria has revised the over-the-counter cash withdrawal limit issued earlier this month.
This was contained in a letter signed by the Director of Banking Supervisions, Haruna B. Mustapha and released on Wednesday.
Part of the letter reads, “Following our circular dated December 6, 2022 on the above subject and based on feedback received from stakeholders, the Central Bank of Nigeria (CBN) hereby makes the following reviews:
The maximum weekly limit for cash withdrawal across all channels by individuals and corporate organisations shall be N500, 000 and N5, 000,000 respectively”
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The CBN further stated that in situations where cash withdrawal above the limit is required, such transactions shall attract service fee of 3% and 5% respectively.
The CBN said the directive supersedes the earlier order and takes effects from January 9, 2023.
Recall that on December 6, 2022, the CBN had pegged over-the-counter cash withdrawal limit to N100,000 and N500,000 for individuals and corporate organisations respectively.
The move, the CBN had explained, was part of its move to limit the amount of cash in circulation outside the vaults of the commercial banks.
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Meanwhile, interests groups such as the POS operators, the Nigerian Senate, the House of Reps, members of the Cattle Herders Association, and political parties had kicked against the policy and decried the untold hardship the policy would cause its members, urging the CBN to revise the policy.
Both the House of the Senate and the House of Reps have invited the CBN governor, Godwin Emefiele, to a joint meeting to explain the ramification of the policy but the governor had failed to honour the invitation.