Barely a month after announcing the restricting of cash withdrawals to under $50 per week, the Central Bank of Nigeria said on Dec. 21 that individuals will be able to withdraw an equivalent of $1,120 per week starting on Jan. 9, 2023. The central bank said individuals and corporate organizations withdrawing amounts exceeding the new limits would be required to pay processing fees of 3% and 5% respectively.
CBN’s Digital Currency Push
The Central Bank of Nigeria (CBN) has said that starting on Jan. 9, 2023, individual banking clients will be able to withdraw an equivalent of $1,120 (N500,000) per week, up from the under $50 cap introduced on Dec. 6. For corporate organizations, the CBN said the cash withdrawal would be capped at $11,200, a nearly tenfold increase from the previously announced limit.
In a new circular to heads of financial institutions, the CBN, which is pushing for the broader adoption of its digital currency, said its decision to revise the cash withdrawal limits w
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