In compliance with the Central Bank of Nigeria’s currency redesign and cash withdrawal policy that limited withdrawals across all channels to N500,000 weekly, banks have suspended further cash disbursement via customers’ Naira Credit and prepaid cards.
Following its currency redesign project, the CBN had announced an upward review of its cash withdrawal policy across all payment channels by individuals and corporate organisations. The central bank, in yielding to public pressure on the review, noted that it recognises the role that cash plays in supporting underserved and rural communities and would ensure an inclusive approach as it implements the transition to a more cashless society.
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