CBN limits individuals’ over-the-counter withdrawal to N100,000 weekly

…sets N500,000 limit for corporates

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.