Review of cash withdrawal policy likely – CBN

Review of cash withdrawal policy likely - CBN

Possible adjustments to the cash withdrawal limit has not been ruled out, but the January 9 take-off for the policy is sacrosanct, the Central Bank of Nigeria (CBN) said yesterday.

CBN Governor Godwin Emefiele, who dropped the hint yesterday, said the plan, which he described as the continuation of the apex bank’s monetary policy direction, has the backing of President Muhammadu Buhari.

The CBN on Tuesday unveiled a revised cash withdrawal limit with a maximum of N100,000 cash withdrawal per week for individuals and N500,000 cash per week for companies.

The limits also affect other payment channels, including Automated Teller Machines (ATM), Point of Sale (PoS) and cheque-based transactions.

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The maximum cash withdrawal through ATM is set at N100,000 per week, subject to a maximum of N20,000 cash withdrawal per day.

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