The Central Bank of Nigeria (CBN) has changed its guidelines for individual and corporate cash withdrawals, setting them at N500,000 and N5,000,000, respectively.
A circular states that the Central Bank informed banks of this in a letter on Wednesday.
The review was necessary, according to the apex bank, as a result of stakeholder comments.
The CBN also made note of its understanding of the crucial position currency plays in the Nigerian economy, particularly in rural areas where almost all transactions take place in cash.
Part of the circular reads,”The maximum weekly limit for cash withdrawal across all channels by individuals and corporate organisations shall be N500,000 and N5,000,000 respectively.
“The CBN recognises the vital role that cash plays in supporting underserved and rural communities and will ensure an inclusive approach as it implements the transition to a more cash-less society.
All banks and OFIs are to note that aiding and abetting the circumvention of this policy will attract severe sanctions.”