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CBN cash withdrawal limits goes into effect

The monetary policy rate (MPR), which is a measurement of interest rate, has been raised from 15.1 per cent to 16.5 per cent by the policy-setting committee of the Central Bank of Nigeria (CBN).

The Central Bank of Nigeria (CBN)’s new policy limiting the amount of money people and businesses can withdraw at once goes into effect today.

It’s worth noting that the leading financial institution reversed its position on withdrawing cash.

Individuals are only allowed to take a maximum of N500,000 each week per the revised policy, whereas corporate organisations are permitted to withdraw N5,000,000 per week.

Additionally, cheques drawn on third parties for amounts more significant than N100,000 can no longer be cashed at the counter. After that, money would be deposited into respective bank accounts.

On the other hand, if there is a compelling cause to withdraw cash in excess of the stated limitations, then a request to do so shall be subject to a fee of three and five per cent, respectively, for people and organisations.

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