By Muhammad Mamman
The Central Bank of Nigeria (CBN) has announced a significant adjustment to banking regulations, raising the weekly cash withdrawal limit across all channels from N100,000 to N500,000. In a move aimed at enhancing liquidity and easing restrictions for customers, the apex bank has also removed limits on cash deposits entirely.
The decision, communicated in a circular to financial institutions, is expected to provide greater flexibility for individuals and businesses, particularly amid ongoing concerns over cash accessibility. Banks are now required to implement the new withdrawal limit immediately, allowing account holders to access higher sums without the previous constraints.
Financial analysts have described the measure as a positive step towards boosting public confidence in the banking system, facilitating smoother transactions, and supporting economic activities. The CBN emphasised that the policy change is part of its broader strategy to improve financial inclusion and efficiency across the country’s banking sector.
The move comes amid growing calls from the public and industry stakeholders for more accessible banking services, signalling the central bank’s commitment to addressing everyday challenges faced by Nigerians in handling cash.
