The Central Bank of Nigeria (CBN) on Wednesday revised cash withdrawal limits to N500, 000 and N5 million for individual and corporate accounts respectively.
The main bank also revised the decrease, the percentage of the cost of withdrawals in excess of the stipulated limits.
Haruna Mustafa, Director of Banking Supervision at CBN, announced this in a statement on Wednesday.
He said that in force majeure circumstances where cash withdrawals are higher than the required limits, they are subject to processing fees of three percent and five percent for individuals and institutions, respectively.
Remember, on December 6, CBN said that from January 9, 2023, the amounts that individuals and corporate organizations can withdraw per week will not exceed N100,000 and N500,000 respectively.
However, the decision has received criticism from a wide range of stakeholders, including members of the National Assembly, who have urged CBN Governor Godwin Emiffiele to increase the withdrawal limits.
The House of Representatives also called on Emefiele to provide more explanations about the policy to its members.
But CBN said Imfili was unable to attend the memorandum due to health challenges.
Mustafa also mentioned that despite the new revision, customers should still be encouraged to use alternative channels such as online banking, mobile banking apps, USSD, POS and eNaira to conduct banking transactions.
He added that bank and mobile phone agents were important participants in the financial system, providing access to financial services in rural and underserved communities.
CBN is making a U-turn, revising the cash withdrawal limits to N500,000