The Central Bank of Nigeria has put a limit on cash withdrawal made by individuals and organisations with effect from January 9, 2023.
In a memo issued on Tuesday, signed by the Director of Banking Supervision, Haruna Mustafa, the apex bank directed all banks and other financial institutions to ensure that over-the-counter cash withdrawals by individuals and corporate entities do not exceed N100, 000 and N500, 000, respectively, per week.
The decision is coming after the CBN began the distribution of its newly redesigned bank notes. The bank said redesigning the notes will help check inflation, counterfeiting and corruption.
