Economy
CBN reverses itself on cash withdrawal limits as Emefiele succumbs to pressure
—now pegs weekly withdrawal for individual to N500,000, Corporate N5million
The Eyewitness Reporter
The Central Bank of Nigeria(CBN) may have succumbed to pressure from the National Assembly and other rich Nigerians as it has reversed itself on its earlier cash withdrawal limits for individuals and corporate organisations.
In a circular number BSD/DIR/PUB/LAB/015/073 dated December 21st, 2022 and addressed to all Deposit Money Banks(DMBS) and other financial institutions, the apex bank disclosed that the new weekly cash withdrawal limits for both the individuals and corporate organisations have now been reviewed to N500,000 and N5million respectively.
The new weekly cash withdrawal limits now superseded the earlier one released on December 6th, 2022 which were put at N100,000 for individuals and N500,000 for corporate organisations.
In the new revised cash withdrawal limits, the CBN claimed the revision of the policy was in response to feedback from the stakeholders.
The new revised policy also slashed the processing fees for amounts above the approved threshold from an initial 5 percent for individuals to 3 percent and for corporate organisations from 10 percent to 5 percent.
The circular, which was signed by Haruna Mustafa, the Director of Banking supervision, the CBN said the new revised cash withdrawal policy takes effect from January, 9th,2022.
”Following our circular BSD/DIR/PUB/LAB/015/069 dated December 6, 2022, on the above subject and based on feedback received from stakeholders, the Central Bank Of Nigeria(CBN) hereby makes the following reviews;
–the maximum weekly limit for cash withdrawal across all channels by individuals and corporate organisations shall be N500,000 and N5 million respectively.
–In compelling circumstances where cash withdrawal above the limits in (1) above is required for legitimate purposes, such requests shall be subject to a processing fee of 3 percent and 5 percent for individuals and corporate organisations respectively.
–Futrher to (2) above, the financial institution shall obtain the following information from the Customer, at the minimum,and upload same on the CBN portal created for the purpose
a. Valid means of identification of the payee(National ID, International passport, or driver’s license)
b.Bank Verification Number(BVN) of the payee.
c.Tax Identification Number(TIN) of both the payee and the payer.
d. Approval in writing by the MD/CEO of the financial institution authorising the withdrawal.
–Third-party cheques above N100,000 shall not be eligible for payment over the counter, while the extant limit of N10 million on clearing cheques still subsists.
—Monthly returns on cash withdrawal transactions above the specified limits should be rendered to the banking supervision, Other financial institution supervision and Payment System Management Departments as applicable
—Compliance with extant AML/CFT regulations relating to KYC, ongoing customer due diligence, currency and suspicious transaction reporting, etc is mandatory in all circumstances.
—Customers should be encouraged to use alternative channels(internet banking, mobile banking apps, USSD, cards/POS, eNaira,gets) to conduct their banking transactions”, the circular reads.
The CBN however warned all the banks and OFIS that aiding and abetting the circumvention of this policy will attract severe sanctions.
It could be recalled that the policy, which was first announced on December 6th, 2022, generated mixed reactions, especially from the members of the National Assembly who invited the CBN Governor. Godwin Emefiele to come and explain the rationale behind the cash withdrawal limits.
Twice, the National Assembly invited Mr. Emefiele, but twice, he did not appear, citing national assignment engagement as the reason for his non-appearance.
The review may, however, be as a result of the intense pressure that the CBN governor has lately been subjected to as a result of this policy which analysts believed does not favour the elites, the politicians and the rich Nigerians, especially giving the forthcoming elections.
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Tinubu orders take-off of National Single Window in Q1 2026
Funso OLOJO
The directive was delivered during Tuesday’s fifth steering committee meeting at the State House, Abuja.
President Tinubu was represented by his Chief of Staff, Femi Gbajabiamila.
Gbajabiamila said the recent Tax Reform Acts, signed into law in June, underscored the urgency of accelerating reforms and pursuing Nigeria’s $1 trillion economy target.
He highlighted the importance of financial and trade reforms in achieving national economic transformation.
“It’s important that we continue to stay focused on this project. So that at the end of the day, we meet our timelines and achieve the results the President expects.
“As you all are aware, the project is one of the transformative initiatives of Mr. President which we collectively must ensure is effectively and commendably implemented,” Gbajabiamila said.
He emphasised the role of a unified electronic platform in simplifying Nigeria’s import and export operations.According to him, the NSW will boost investment and trade revenues, improve transparency, and strengthen Nigeria’s global business credibility.
Gbajabiamila urged all agencies to refine their targets and Key Performance Indicators (KPIs) to meet the Phase 1 deadline.“I do expect that since the last meeting of the steering committee which was held on the 8th April, 2025, all stakeholders have operated and actively progressed with all the required KPIs and set targets to ensure that we go live with phase 1 in Q1 2026 as was previously scheduled,” he said.
Minister of Finance and Coordinating Minister of the Economy, Wale Edun described the progress as encouraging but stressed the need for swift execution.
He urged a shift from strategy to concrete implementation, calling the project complex but transformational.
Edun urged the committee to improve collaboration and resolve final hurdles to meet the rollout timeline.
Minister of Industry, Trade and Investment Jumoke Oduwole also charged the committee to work diligently and meet the Q1 2026 deadline without fail.
Dr. Zacch Adedeji, Executive Chairman of the Federal Inland Revenue Service (FIRS), thanked the President for consistently supporting the project.
“Thank you on behalf of the steering committee. We thank you for the relentless support that you have given to us.”
“And to all my colleagues here, we can see that the reward for hard work is more work.
“When we started last month, it is now law; the single window is now in the law.”
He asked committee members to stay focused on the mission ahead.
The Director of the National Single Window (NSW) Project, Tola Fakolade, gave a brief overview of the steering committee’s progress toward implementing the project.
“All second quarter 2025 key project milestones have been successfully achieved. And the customisation of the Single window platform has commenced,” he said.
He gave assurances that the committee would meet up with the timelines.
The National Single Window project is a Federal Government initiative to streamline trade processes by creating a centralised electronic platform for importers and exporters.
It is a digital trade facilitation platform expected to accelerate economic growth and facilitate cross-border transactions.
Launched in April 2024, the NSW seeks to consolidate all agencies involved in imports and exports onto a unified electronic portal.
It is expected to reduce trade costs, cut delays, and enhance transparency and efficiency at Nigerian ports.
Committee members include representatives from the Ministry of Trade and Investments, the Ministry of Finance, FIRS, and the Nigeria Customs Service.
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