Cbn new withdrawal policy

You're referring to the new withdrawal policy of the Central Bank of Nigeria (CBN).

On January 5, 2023, the CBN introduced a new withdrawal policy for individuals and corporate organizations. Here are the key highlights:

Individuals:

  1. Daily withdrawal limit: N100,000 (approximately $250 USD) per day for individuals.
  2. Weekly withdrawal limit: N500,000 (approximately $1,250 USD) per week for individuals.
  3. Monthly withdrawal limit: N1,000,000 (approximately $2,500 USD) per month for individuals.

Corporate Organizations:

  1. Daily withdrawal limit: N5,000,000 (approximately $12,500 USD) per day for corporate organizations.
  2. Weekly withdrawal limit: N20,000,000 (approximately $50,000 USD) per week for corporate organizations.
  3. Monthly withdrawal limit: N50,000,000 (approximately $125,000 USD) per month for corporate organizations.

Other Key Points:

  1. The new policy applies to all individuals and corporate organizations with accounts in Nigerian banks.
  2. The limits are applicable to both cash and electronic transactions.
  3. The CBN has given banks until January 31, 2023, to implement the new policy.
  4. The policy aims to curb currency circulation, reduce the demand for cash, and promote digital payments.

It's essential to note that these limits may be reviewed or adjusted as needed, and individuals and corporate organizations should check with their banks for any updates or clarifications on the new policy.