The Central Bank of Nigeria, CBN, have on Wednesday, 21st December, 2022, increased the weekly withdrawal limits by N500,000,00, against the earlier N100,000,00 that was fixed for individuals, while corporate bodies can now withdraw as much as N5,000,000,00 weekly.

This was made known in a document signed by the Director of Banking supervision, Haruna Mustafa and made available by the Central Bank where it also stated that in situations where more funds are needed for legitimate reasons, a processing fee of 3% and 5% for both individual and corporate organization will be charged.

The document also states that for this request to be approved, the individual or organization must produce a valid means of identification, BVN of the payee, Tax identification number of both the payee and the payer and lastly the approval of the MD/CEO who authorized the paying of such withdrawal.

Customers were also encouraged to use other alternative channels of internet banking, mobile banking apps, POS, among others.

Bank and Mobile money agents are important participants in the financial system, enabling access to financial access to financial services in underserved and rural communities and they will continue to perform these strategic function, in line with existing regulations governing their activities.

Lastly the document stated that all banks and OFls are to note that aiding and abetting the circumvention of the policy will attract severe sanction.

Story: Hilda Katu