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In accordance with the Central Bank of Nigeria’s (CBN) decision to limit individual cash withdrawals from banks, Naira Credit and prepaid cards to N500,000 a week, most major banks have suspended transactions via these accounts.
On December 6th, this limit was N100,000 before the CBN amended it higher considering feedback they had received from stakeholders.
The CBN has also imposed a processing fee of 3% and 5% for individuals and corporate entities respectively when larger withdrawals than the limits are required for legitimate reasons.
This comes after the introduction of new currency designs on December 6th.
Despite this new policy, the CBN is conscious of its possible effects on people in underserved or rural communities and is committed to an inclusive approach as it works towards becoming a more cashless economy.
