The Central Bank of Nigeria (CBN) has announced a new policy that mandates deposit money banks and other financial institutions to ensure that over-the-counter cash withdrawals by individuals and corporate entities do not exceed N100, 000 and N500, 000, respectively, per week.
The revised cash withdrawal limits, contained in a circular issued today by the apex bank and seen by Nairametrics, will take effect nationwide on January 9, 2023.
After the policy takes effect, all cash withdrawals in excess of the stated limits will attract processing fees of 5% and 10%, respectively.
The new policy is coming barely weeks after President Muhammadu Buhari launched the newly redesigned N200, N500, and N1000 banknotes.
More details shortly…
Retired police officers in Nigeria, who are part of the contributory pension scheme, protested at…
A UK-based Nigerian woman risks deportation as her husband plans to marry another woman and…
Doyin Okupe, a former presidential spokesperson for the Labour Party, has proclaimed himself an evangelist…
Following the recent unrest at Banex Plaza in Wuse, Abuja, on Saturday 18 May 2024,…
An individual's scheme to harvest numerous seemingly marijuana plants cultivated on the grounds of the…
The Central Bank of Nigeria (CBN) has announced that mobile money operators, including fintech firms…
