The Central Bank of Nigeria, (CBN) has raised its weekly cash withdrawal limits set for individuals and corporate organizations to 500 thousand Naira and Five Million Naira respectively.
Director of Banking Supervision, Haruna Nustapha, who confirmed this to journalist, warned that any bank that connives with its customers to circumvent the policy will face severe sanctions.
Recall that the earlier limits approved for individual cash withdrawals per week was 100 thousand Naira, while corporate organizations were limited to weekly withdrawals of 500 thousand Naira.