The CBN has imposed a cash withdrawal limitation for corporations of $11,200.
The bank acknowledged the importance of cash in helping unserved and rural regions.
The Central Bank of Nigeria (CBN) has announced that the weekly withdrawal limit for individual banking customers would increase to $1,120 (N500,000) from January 9, 2023, from the current limit of under $50 (established on December 6). The CBN has imposed a cash withdrawal limitation for corporations of $11,200, a roughly tenfold increase from the previous maximum.
The Central Bank of Nigeria (CBN), which is promoting the widespread use of its digital currency, has sent a new circular to the heads of financial institutions explaining that it has revised the cash withdrawal restrictions “based on feedback received from stakeholders.” The bank said that despite its advocacy of a cashless future, it recognizes the importance of cash in certain regions.
Promoting Adoption of e-Naira
The central bank acknowledged the importanc
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