Nigerian Central Bank Increases Cash Withdrawal Limits After Receiving ‘Feedback From Stakeholders’

Barely a period aft announcing the restricting of currency withdrawals to nether $50 per week, the Central Bank of Nigeria said connected Dec. 21 that individuals volition beryllium capable to retreat an equivalent of $1,120 per week starting connected Jan. 9, 2023. The cardinal slope said individuals and firm organizations withdrawing amounts exceeding the caller limits would beryllium required to wage processing fees of 3% and 5% respectively.

CBN’s Digital Currency Push

The Central Bank of Nigeria (CBN) has said that starting connected Jan. 9, 2023, idiosyncratic banking clients volition beryllium capable to retreat an equivalent of $1,120 (N500,000) per week, up from the nether $50 headdress introduced connected Dec. 6. For firm organizations, the CBN said the currency withdrawal would beryllium capped astatine $11,200, a astir tenfold summation from the antecedently announced limit.

In a new circular to heads of fiscal institutions, the CBN, which is pushing for the broader adoption of its integer currency, said its determination to revise the currency withdrawal limits was “based connected feedback received from stakeholders.” The slope added that portion it pushes for a cashless nine it remains mindful of the relation played by cash, peculiarly successful underserved communities.

“The CBN recognizes the captious relation that currency plays successful supporting underserved and agrarian communities and volition guarantee an inclusive attack arsenic it implements the modulation to a much cash-less society,” the cardinal slope connection said.

Processing Fees for Withdrawals Exceeding New Limits

As antecedently reported by Bitcoin.com News, the Nigerian cardinal bank’s determination to restrict currency withdrawals came arsenic it prepared to unveil caller banknotes. The caller banknotes, which were subsequently introduced into circulation connected Dec. 15, are portion of an effort by the CBN to promote the usage and adoption of the e-naira.

Meanwhile, successful the latest circular, the CBN said individuals and firm organizations that privation to retreat amounts exceeding caller limits would beryllium charged processing fees of 3% and 5%, respectively. In addition, specified withdrawals volition beryllium processed aft the lawsuit furnishes the slope with respective documents that see a missive from the CEO of a fiscal instauration authorizing the withdrawal.

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