[JUST IN] CBN Increases Weekly Cash Withdrawals to N500K, N5M

The maximum weekly limit for cash withdrawals by individuals and corporate organizations through all channels has been raised by the Central Bank of Nigeria (CBN) to N500,000 and N5,000,000, respectively.

This was stated by the CBN in a letter sent to banks on Wednesday.

The apex bank claimed it based its choice on input from stakeholders.

The weekly cash withdrawal cap for people set by the apex bank many weeks ago has sparked controversy in the political arena.

Details later…