BREAKING: CBN Lifts Restrictions on Cash Deposits and Increases Withdrawal Limits

The Central Bank of Nigeria, CBN, has announced a significant policy shift regarding cash transactions, removing all restrictions on cash deposits that were previously imposed under the former administration.

In a statement, the apex bank confirmed that individuals and businesses will now have unrestricted access to deposit cash, reversing measures that had tightened liquidity in the banking sector.

Additionally, the CBN has raised weekly cash withdrawal limits for both personal and corporate accounts. The move is aimed at improving liquidity in the financial system and ensuring smoother transactions across the country.

Bank customers are expected to experience more flexibility in managing their finances, a step seen by many as a boost to business operations and everyday banking activities.

The Central Bank did not specify the exact new limits for withdrawals in its initial announcement, but industry experts suggest the change could significantly ease cash flow constraints for both small businesses and individuals.

This policy reversal marks one of the most substantial adjustments to Nigeria’s banking regulations in recent years and is expected to have wide reaching impacts on the economy.

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