The Central Bank of Nigeria (CBN) has raised the weekly cash withdrawals for individuals to N500, 000 and N5 million for corporate organisations in the country.
The apex bank announced the latest position through a letter addressed to banks on Wednesday.
The decision, according to the statement, was taken after feedback from industry stakeholders.
The CBN, on December 6, pegged the daily withdrawals for individuals at N100,000 and N500,000 for business entities.
The policy elicited mixed reactions with the Senate and House of Representatives inviting the Governor, Mr. Godwin Emefiele, to appear before the lawmakers with the aim of justifying the withdrawal limits.
He was expected to appear at the House of Representatives on Thursday last week, after failing to honour two previous invitations from the lawmakers.
However, the Deputy Governor in charge of Financial System Stability at CBN, Aisha Ahmad, in lieu of Emefiele who was reported to be indisposed, is billed to interact with the lawmakers on Thursday.
