By Bukola Olasanmi
The Central Bank of Nigeria (CBN) has increased the maximum weekly limit for cash withdrawals across all channels by individuals and corporate organisations to N500,000 and N5 million respectively.
The CBN said this in a letter addressed to banks on Wednesday.
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Lawmakers, politicians and the general public alike, have been vehemently opposed to the earlier withdrawal limit of N100,000 a week for individuals and N500,000 a week for corporate organisations as reeled out by the apex bank.
The Senate and House of Reps have also lambasted and summoned CBN Governor Emefiele, asking him to suspend implementation because the policy had the potential to make an already hard economy even harder for ordinary Nigerians, amid claims that members of the political class are only looking out for themselves.
The apex bank said it made the decision based on feedback received from stakeholders.