A new Central Bank of Nigeria (CBN) regulation aims to set a weekly cap of N100,000 for personal withdrawals and N500,000 for corporate withdrawals.
The CBN announced in a circular that was seen by Prime 9ja Online on Tuesday that the new rule would go into effect nationwide on January 9, 2023.
Following the implementation of the policy, processing fees of 5% and 10%, respectively, will apply to all cash withdrawals that exceed the aforementioned limitations.
This occurrence occurs shortly after President Muhammadu Buhari's administration introduced the freshly redesigned N200, N500, and N1000 banknotes.
Remember that the CBN governor, Godwin Emefiele, disclosed that the central bank had lost track of N2.7 trillion of the current currency in circulation in October.
The head of the central bank explained that 80% of the money in circulation in the nation was not kept in commercial banks' vaults.
He bemoaned the fact that Nigerians were hoarding cash and not bringing it to the bank.