Emefiele bows to pressure, revises cash withdrawal limit

Governor of the Central Bank of Nigeria, Godwin Emefiele has revised the cash withdrawal limit as earlier stated on the 6th of December, 2022

In the circular earlier announced, it was said that the daily withdrawal limit will be N20,000 daily and N100,000 weekly. This decision however did not go down well with Nigerians as even the Lawmakers invited CBN Governor to explain his reason for the development.

In a newly released circular, the apex bank has revised the withdrawal limit. For both individuals and co-operate organizations the withdrawal limit shall be N500,000 to N5,000,000 respectively and in cases where a higher amount will be withdrawn for legitimate purposes, there will be a processing fee of 3% for individuals and 5% for co-operate organizations