Amid mounting criticisms over the new policy, the Central Bank of Nigeria (CBN), on Wednesday, increased the weekly cash withdrawal limit from the proposed two hundred thousand naira,(N200,000) to Five hundred thousand naira (N500,000) and Five million naira, (N5,000,000,000), for individuals and corporate organisations respectively.
The CBN in a release on the 21th, December, 2022, with reference no. DSB/DIR/PUB/LAB/015/073, said the adjustment was based on the feedback the apex bank received from stakeholders.
According to the statement, withdrawals above five million must be required for legitimate purpose and such request attracts processing fee of 3% and 5% for individuals and corporate organisations .
It would be recalled that the National Assembly summoned the governor of the apex bank, Godwin Emefiele over the N200,000 withdrawal limit but failed to honour the invitation on the ground that he had an urgent official transactions in the United States.
Also different fora, Nigerians have expressed their dissatisfaction to the new policy on the premise that it would lead to massive job lose and create a hostile business environment among others.
