CBN Sets New Withdrawal Limits

On December 6, 2022, the Central Bank of Nigeria (“CBN”) issued a circular to all Deposit Money Banks (“DMBS”) Payment Service Banks (“PSBs”), Primary Mortgage Banks (“PMBs”) as well as Microfinance Banks (“MFBs”) revising cash withdrawal limits (“the Circular”). This directive was issued sequel to the launch of the newly redesigned Naira notes by the President on November 23, 2022.

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