has announced that starting January 9, 2023, you will be able to withdraw the equivalent of $1,120 per week. You will have to pay a processing fee of 3% and 5% respectively.
CBN’s Digital Currency Push
The Central Bank of Nigeria (CBN) has announced that starting January 9, 2023, individual bank customers will be able to withdraw their $1,120 equivalent. said it would be possible. He has increased (N500,000) per week from the $50 cap introduced on December 6th. CBN said cash withdrawals will be limited to $11,200 for corporate organizations, nearly ten times the previously announced limit.
In a new circular to heads of financial institutions, CBN, which is pushing for wider adoption of digital currencies, said its decision to revise cash withdrawal limits was “based on ‘ said. Feedback received from stakeholders. The bank added that while promoting a cashless society, it remains mindful of the role cash plays, especially in underserved communities.
“CBN recognizes the important role that cash plays in supporting underserved rural We will ensure a comprehensive approach,” the central bank said in a statement.
Processing fees for withdrawals over the new limits
As previously reported on Bitcoin.com News, the Central Bank of Nigeria has decided to limit cash withdrawals. It happened when we were preparing to launch a new banknote. The new notes, which subsequently entered circulation on December 15, are part of an attempt by CBN to promote the use and adoption of electronic Naira.
Meanwhile, CBN said in its latest circular that individuals and corporate organizations wishing to withdraw amounts above the new limits will be subject to processing fees of 3% and 5% respectively. Additionally, such withdrawals are processed after the client submits several documents to the bank, including a letter from the CEO of the financial institution approving the withdrawal.
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