Nigeria’s apex monetary authority, the Central Bank of Nigeria (CBN) has increased the maximum weekly limit for cash withdrawals for individuals to N500,000.
Confiance News gathered from a letter addressed by the CBN to banks on Wednesday.
More so, it increased the cash withdrawal limits of corporate organisations to N5 million.
The bank, however, vows to sanction any perceived sharp practice.
“All banks and OFIs are to note that aiding and abetting circumvention of this policy will attract severe measures,” the statement said.
Confiance News recalls that the apex bank had weeks ago pegged weekly cash withdrawal limit at N100,000 for individuals.