The Central Bank of Nigeria (CBN) has revised its cash policies, introducing new withdrawal limits and scrapping the cumulative deposit cap. This aims to curb money laundering and reduce cash management costs, according to Dr. Rita I. Sike.
Individuals can now withdraw ₦500,000 weekly, while corporates are capped at ₦5 million. Excess withdrawals face fees, and previous monthly waivers are discontinued to reflect present-day realities.