• Latest
  • Trending
FULL TEXT: CBN Governor’s address on change of management at First Bank of Nigeria

CBN bows to pressure, raises individual cash withdrawal limit to N500,000, 5m weekly

5 months ago
JUST IN: Tinubu holds first meeting with service chiefs

Tinubu’s meeting with opposition Reps-elect postponed

26 mins ago
JUST IN: Real Madrid, Benzema part ways

JUST IN: Real Madrid, Benzema part ways

39 mins ago
Kogi: APC candidate  picks primary school teacher as running mate

Kogi: APC candidate picks primary school teacher as running mate

58 mins ago
Makinde: I became poorer by 10% in last four years

We must begin process of healing PDP now, embrace unity – Makinde

8 hours ago
Championship begins Thursday as Sweden declares s*x as sport

Championship begins Thursday as Sweden declares s*x as sport

20 hours ago
Bauchi governor emerges PDP Governors’ Forum chairman

Bauchi governor emerges PDP Governors’ Forum chairman

20 hours ago
Security aides injured as gunmen attack Kogi governor’s convoy

Security aides injured as gunmen attack Kogi governor’s convoy

21 hours ago
Zamfara gov under investigation for diverting over N70bn- EFCC

Zamfara governor gives Matawalle ultimatum to return missing bullet proof SUVs

23 hours ago
Auxiliary: Why police can’t declare me wanted

Auxiliary: Why police can’t declare me wanted

1 day ago
Strike: NLC acting Labour Party’s script-  Onanuga

Strike: NLC acting Labour Party’s script- Onanuga

1 day ago
APC crisis worsens as vice chairman sues Adamu, Omisore

‘APC must follow its rules even if you expel me’ — vice chairman tells Adamu, Omisore

1 day ago
PDP crisis: I’ve accepted Atiku but Ayu must go-Wike

Subsidy: Wike backs Tinubu, says moving Nigeria forward requires tough decisions

1 day ago
BREAKING: Tinubu meets Ibori,Wike, Makinde

BREAKING: Tinubu meets Ibori,Wike, Makinde

2 days ago
Son of popular Fuji singer emerges best student in US high school

Son of popular Fuji singer emerges best student in US high school

2 days ago
JUST IN: NLC begins nationwide strike over fuel subsidy removal Wednesday

JUST IN: NLC begins nationwide strike over fuel subsidy removal Wednesday

2 days ago
JUST IN: Tinubu names  Gbajabiamila  CoS, Hadejia DCoS, Akume  SGF

Gbajabiamila speaks on appointment as Tinubu’s CoS

2 days ago
Tribunal dismisses petition against Makinde’s victory

Tribunal dismisses petition against Makinde’s victory

2 days ago
JUST IN: Police declare sacked PMS leader, Auxiliary wanted

JUST IN: Police declare sacked PMS leader, Auxiliary wanted

2 days ago
  • Contact Us
  • Advertise
Sunday, June 4, 2023
Newspeakonline
  • Home
  • Politics
  • Business
  • Entertainment
  • Technology
  • World
    • Africa
    • Americas
    • Asia
    • Europe
  • Opinion
  • Interview
  • Newspeak ExclusivesNew
No Result
View All Result
  • Home
  • Politics
  • Business
  • Entertainment
  • Technology
  • World
    • Africa
    • Americas
    • Asia
    • Europe
  • Opinion
  • Interview
  • Newspeak ExclusivesNew
No Result
View All Result
Newspeak
UBA
Home Business Economy

CBN bows to pressure, raises individual cash withdrawal limit to N500,000, 5m weekly

admin by admin
December 22, 2022
in Economy
Reading Time: 2 mins read
0
FULL TEXT: CBN Governor’s address on change of management at First Bank of Nigeria
Share on FacebookShare on TwitterShare on WhatsAppShare on Telegram

>

Akinwande Soji-Ojo

RelatedPosts

JUST IN: CBN denies devaluing naira

Senate amends CBN Act to increase FG’s borrowing limit

Presidency: Emefiele’s study leave approval unknown to us

The Central Bank of Nigeria (CBN) has made an upward review of its cash withdrawal limit policy as individuals can now withdraw N500,000 cash weekly while corporate entities can now withdraw N5 million cash per week.

In a circular issued on Wednesday and signed by the apex bank’s Director of Banking Supervision, Haruna B. Mustafa, the CBN said: “The maximum weekly limit for cash withdrawal across all channels by individuals and corporate organisations shall be N500,000.00 and N5,000,000.00 respectively.”

“The above directive supersedes that of December 6, 2022 and takes effect nationwide from January 9, 2023,” it added.

In the letter addressed to all Deposit Money Banks (DMBS) and Other Financial Institutions Payment Service Banks (PSB), Primary Mortgage Banks (PMB),Microfinance Banks (MFBs), Mobile Money Operators (MMOs) and Agents, CBN said the review was based on feedback it got from stakeholders after issuing the December 6 circular that limited cash withdrawal to N100,000 for individuals and N500,000 for organisations.

However, CBN retained the caveat for legitimate cash withdrawal above the limits as such requests shall be subject to a processing fee of three per cent andfive per cent for individuals and corporate organisations respectively, but through a portal with the customer’s details, including valid ID card, tax ID and BVN.

Third party cheques above N100,000 shall not be eligible for payment over the counter, while the extant limit of N10 million on clearing cheques still subsist, it noted.

“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 cashless society,” the circular added.

Related

What’s your Reaction?
Like
Like
0
Dislike
Dislike
0
Laugh
Laugh
0
Angry
Angry
0
Sad
Sad
0
Accurate
Accurate
0
0 Shares
Facebook Twitter WhatsApp Linkedin Messenger
×

Share this post!

Facebook Twitter WhatsApp Linkedin Messenger Telegram Tumblr
Tags: cashCBNWithdrawal limit

Recent Posts

CBN frees domiciliary account holders on spending, others

JUST IN: CBN denies devaluing naira

June 1, 2023
NNPC speaks on subsidy removal, warns against panic buying

NNPC speaks on subsidy removal, warns against panic buying

May 30, 2023
CBN frees domiciliary account holders on spending, others

Senate amends CBN Act to increase FG’s borrowing limit

May 27, 2023
Finally, Emefiele appears before House of Reps over new naira notes

[JUST IN] Naira scarcity: CBN directs banks to open Saturdays, Sundays

March 24, 2023
CBN to flood banks with old naira notes from Thursday

CBN to flood banks with old naira notes from Thursday

March 23, 2023
N42bn debt: FG halts proposed disconnection of USSD banking services by mobile operators

FG removes excise duty for telecoms services

March 21, 2023
Bloomberg: Nigeria bonds rise as Tinubu leads in pivotal election tally

Bloomberg: Nigeria bonds rise as Tinubu leads in pivotal election tally

February 28, 2023
FULL TEXT: CBN Governor’s address on change of management at First Bank of Nigeria

CBN announces new measures to replace old naira notes with new ones

February 14, 2023
Next Post
Ibadan-based comedian, Peteru is dead

Ibadan-based comedian, Peteru is dead

Leave a Reply Cancel reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Newspeakonline

© 2023 Newspeak & Associates

Navigate Site

  • Breaking News
  • Business
  • Entertainment
  • Interview
  • Newpeak Magazine
  • Newspeak Exclusives
  • Politics

Follow Us

No Result
View All Result
  • Home
  • Latest News
  • Politics
  • Business
  • Entertainment
  • Technology
  • World
  • Opinion
  • Interview
  • Newspeak Exclusives

© 2023 Newspeak & Associates

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Newspeak We would like to show you notifications for the latest news and updates.
Dismiss
Allow Notifications