The Central Bank of Nigeria (CBN), on Wednesday, backpedalled on its earlier weekly cash withdrawal limit for individuals from N100,000 to N500,000 across all channels due to mounting pressure and public outcry.

A new circular signed by Director of Banking Supervision, Haruna Mustafa has now given corporate entities the leverage to withdraw as much as N5 million weekly

The policy still takes effect on January 9, 2023. Currently, individuals and corporate entities can withdraw N500,000 and N5 million daily without penalties.

The new directive may have put to rest or reduce the controversy generated by the policy, marked for suspension by the House of Representatives.

The latest circular came on the heels of heightened protests, especially in Abuja, by interest groups calling on stakeholders to stop politicising CBN’s monetary policy interventions

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