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.
The earlier limits pegged individual cash withdrawal per week at N100, 000; while Corporate organisations were limited to weekly withdrawals of N500, 000.
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.
This is a developing story…