The Central Bank of Nigeria has removed all limits on cash deposits while setting fresh weekly withdrawal caps for individuals and businesses. The directive, which took effect immediately, was issued by Dr. Rita I. Sike of the Financial Policy and Regulation Department.
With deposit restrictions now gone, customers can lodge any amount of cash without extra fees or special waivers.
The CBN says the move is designed to reduce the cost of handling physical cash, strengthen security, and encourage more money to enter the banking system.
However, the bank has tightened withdrawal controls. Individuals can now withdraw a maximum of ₦500,000 per week, while companies are limited to ₦5 million. Any amount above those limits attracts charges, 3% for individuals and 5% for corporates, shared between the banks and the CBN.
The apex bank explained that earlier cashless policies helped push electronic payments but needed adjustments to reflect current realities.
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