Cash withdrawals limited to N100,000 a week by CBN.

The Central Bank of Nigeria (CBN) has started taking steps to set weekly limits of N100,000 and N500,000 for individual and corporate over-the-counter cash withdrawals, respectively.

It was reported that this was made known in a circular issued by the CBN on Tuesday. According to Nigeria’s apex bank, the new policy will take effect nationwide on January 9, 2023.

The CBN announced that, when the policy goes into effect, processing fees of 5% and 10%, respectively, will apply to all cash withdrawals that exceed the restrictions listed above.

Reports has it that this is coming after President Muhammadu Buhari unveiled the newly redesigned N200, N500, and N1000 banknotes.

Keep in mind that the CBN governor, Godwin Emefiele, disclosed in October that the central bank had lost track of N2.7 trillion of the currency that is currently in use in the nation.

Emefiele claimed that 80% of the nation’s cash was in circulation outside the country’s commercial banks’ vaults and charged Nigerians with hoarding bank notes by refusing to take them to banking institutions.