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BREAKING: CBN Limits Cash Withdrawals To N20,000 Per Day and N100,000 Per Week

The Central Bank Of Nigeria, has legalized a fresh cash withdrawal restrictions on individuals,

organisations, private sectors and all.

According to a new memo to banks issued on Tuesday and signed by the Director of Banking Supervision, Haruna .B. Mustafa, individuals will only have access to withdraw a limited amount of N20,000 per day and N100,000 per week ( from over the counter, Point of Sale Machines or the Automated Teller Machines), while organizations can access N500,000 per week.

Banks have also been directed to load only N200 and lower denomination of Naira notes into their ATM Machines. However we can't say if the new strategy is indeed helpful or would bounce back to citizens in a negative way.

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