The Central Bank of Nigeria (CBN) has bowed to pressure from many Nigerians and lawmakers as it announced an upward review of its cash withdrawal limits directive.

Individuals can now withdraw 500,000 naira cash weekly and corporate entities can now withdraw up to five million naira cash across all channels including Automated Teller Machines (ATMs) and Point Of Sale (PoS) terminals.

In a circular issued and signed by the Director of Banking Supervision, Haruna Mustafa, the apex bank said the directive becomes effective from January 9, 2023.

The CBN attributed the development to the feedback it got from stakeholders.

For transactions above the withdrawal limits, financial institutions are required to get details of the customers and upload same on the CBN portal created for the purpose.