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 draw 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.
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