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Emefiele Raises Cash Withdrawal Limits

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The Central Bank of Nigeria (CBN) has succumbed to pressure and increased its earlier limit on weekly cash withdrawal for individuals from N100,000 to N500,000 across all channels.

According to a circular signed by the Director of Banking Supervision, Haruna Mustafa, corporate entities are also allowed to withdraw as much as N5 million weekly .

The new directive might put to rest or cut down the controversy caused by the policy, marked for suspension by the House of Representatives.

The policy however takes effect on January 9, 2023. Presently, individuals and corporate entities can withdraw N500,000 and N5 million daily without sanctions.

The latest circular came trailing the intensified complaints, especially in Abuja, by interest groups who had earlier called on stakeholders to stop politicising CBN’s monetary policy mediations.

Meanwhile, some economists have warned that the new regime would hold back the growth of the informal sector.

CBN has come under intense criticism since the cash withdrawal limit plan was unveiled. It is however expected that the CBN governor or his representative would appear before the House of Representatives to brief members about the policy.

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