Today marks the start of the Central Bank of Nigeria’s policy on cash withdrawal limits for private citizens and businesses.
Recall that the central bank made changes about its cash withdrawal rule.
Individuals are only permitted to withdraw up to N500,000 under the revised Policy, however corporate organizations are permitted to take up to N5,000,000 per week.
Furthermore, payments made in person using third-party checks over N100,000 are no longer permitted. Following that, they would be paid into bank accounts.
If there is a compelling cause to withdraw more money than is allowed, however, there will be a three percent fee for individuals and a five percent fee for businesses, respectively, for doing so.
