By MBAFAN ADE, Abuja –
The Central Bank of Nigeria (CBN), announced on Wednesday a review of its policy on cash withdrawal limits, which had attracted outcry from segments of the society.
In a circular addressed to all Deposit Money Banks (DMBS) and other Financial Institutions (Payment Service Banks (PSBSs), Primary Mortgage Banks (PMBs), Microfinance Banks (MFBs), Mobile Money Operators (MMOs) and Agents, the apex bank increased the weekly withdrawals for individuals and corporate organisations to N500, 000 and N5 million, respectively.
In the circular titled “Re: Naira Redesign Policy – Revised Cash Withdrawal Limits” and obtained by NATIONAL ACCORD in Abuja, the CBN explained that the review was sequel to the feedback it received from stakeholders.
According to the circular, “the CBN recognizes the vital role that cash can play in supporting the underserved and rural communities and will ensure an inclusive approach as it implements the transition to a more cash-less society.”
Below is the copy of CBN circular:
![](https://i0.wp.com/www.nationalaccordnewspaper.com/wp-content/uploads/2022/12/img_tmp_tag1671651139922_1.jpg?resize=726%2C958&ssl=1)
![](https://i0.wp.com/www.nationalaccordnewspaper.com/wp-content/uploads/2022/12/img_tmp_tag1671651161052_1.jpg?resize=662%2C666&ssl=1)
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