The Central Bank of Nigeria (CBN) has set N100,000 and N500,000 as the maximum limits for withdrawal over the counter by individuals and corporates respectively with effect from January 9, 2023.
This was disclosed on Tuesday in a letter signed by Haruna Mustafa, director of banking supervision at CBN.
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The letter, addressed to all banks and other financial institutions, said cash withdrawals above the stated limit shall attract a processing fee of 5 percent for individuals and 10 percent for corporates.
Hope Moses-Ashike
Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks.
She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings.
Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.
