CBN likely to review cash withdrawal policy

Promise Odejide

The Central Bank of Nigeria (CBN) had declared on Thursday that there might be adjustments to the cash withdrawal limit ut the January 9 take-off for the policy is sacrosanct.

Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele plunged the hint yesterday, said the plan, which he portrayed as the continuation of the apex bank’s monetary policy direction, has the backing of President Muhammadu Buhari.

READ THIS: CBN sets interest rate at 16.5% 

The CBN on Tuesday disclosed 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 concern other payment channels, including Automated Teller Machines (ATM), Point of Sale (PoS) and cheque-based transactions.

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