CBN Reverses Decision on ATM Withdrawal limits from ₦100k to ₦500k

Central Bank of Nigeria (CBN) has announced a reverse decision of its cash withdrawal limits directive.

The apex bank announced in a circular issued Wednesday, Dec. 21, that individuals can now withdraw N500,000 cash weekly and corporate entities can now withdraw up to N5 million cash across all channels including Automated Teller Machines (ATMs) and Point Of Sale (POS) terminals.

The released memo was signed by its Director of Banking Supervision, Haruna Mustafa.

The directive becomes effective from January 9, 2023.Recall that on December 6, 2022, the CBN ordered Deposit Money Banks (DMOs) and other financial institutions to ensure that weekly over-the-counter (OTC) cash withdrawals by individuals and corporate entities do not exceed N100,000 and N500,000, respectively.

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After the Recent change of the currency notes of ₦200, ₦500 and ₦1000. The CBN issued a statement concerning cash withdrawals limits .