BREAKING: CBN increases individual cash withdrawal limit to N500k per week

The Central Bank of Nigeria (CBN) has increased cash withdrawal limit for individuals and corporate organisations to N500,000 and N5 million per week respectively.

This was contained in a letter to all Deposit Money Banks (DMBs) and other financial institutions by CBN Director of Banking Supervision, Haruna Mustafa.

The new directive came after the initial one by CBN where cash withdrawals were pegged at N10,000 and N500,000 for individuals and corporate organisations respectively.

Details later…