Update on CBN’s Regulatory Directives on Cash Withdrawal Limits

Following feedback received from stakeholders on its Circular of December 6, 2022 (“earlier Circular”), the Central Bank of Nigeria (“CBN”), via a new Circular titled: “Re: Naira Redesigned Policy – Revised Cash Withdrawal Limits” and dated December 21, 2022, with reference number: BSD/DIR/PUB/LAB/015/073 (“updated Circular”), announced a review of its earlier regulatory directives to commercial banks and other financial institutions (“OFIs”) on the revised cash withdrawal limits set to take effect from January 9, 2023.

The table below highlights the changes made by the updated Circular to the regulatory directives set out in the earlier Circular.

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