The Central Bank of Nigeria (CBN) has increased the maximum weekly limit for cash withdrawals across all channels by individuals and corporate organisations to N500,000 and N5 million, respectively.

The CBN said this in a letter addressed to banks on Wednesday.

The apex bank said it made the decision based on feedback received from stakeholders.

In a circular issued on Wednesday and signed by the Director of Banking Supervision, Haruna B. Mustafa, the apex bank said: “The maximum weekly limit for cash withdrawal across all channels by individuals and corporate organizations shall be N500,000.00 and N5,000,000.00 respectively.

“The above directive supersedes that of December 6, 2022 and takes effect nationwide from January 9, 2023,” the statement stated.