The Central Bank of Nigeria (CBN) has announced the increase of maximum weekly limit for cash withdrawals across all channels by individuals and corporate organisations to N500,000 and N5 million, respectively.
The CBN said this in a letter addressed to banks on Wednesday.
The apex bank said it made the decision based on feedback received from stakeholders.
The apex bank had weeks ago pegged weekly cash withdrawal limit at N100,000 for individuals, a development that has caused furore in the polity.
Meanwhile, the CBN boss Godwin Emiefiele has been asked to appear before the House of Representatives for questioning on the policy.
