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Tuesday, March 20, 2012

#Winning: CBN Raises Daily Limit Of Cash Withdrawals and Deposits

After all our complains and complains and complains. The Central Bank of Nigeria has finally increased the daily limits for cash withdrawals and deposits from N150,000 to N500,000. The limit for company/corporate accounts has been lifted from 1Million to 3 Million. #winning :D

As for the charges on withdrawing/depostiting above the limit, the Deputy Governor of the CBN, Tunde Lemo says

"“If it is withdrawal, for individuals it will be three per cent above the N500,000 threshold and for corporate bodies, it will be five per cent above the N3 million threshold. And for cash deposit, it would be two per cent if an individual is depositing above N500,000 and three per cent if corporate bodies are depositing above N3 million,”

It's a really good sign that the CBN is listening to complains from bank users. It shows that there's room for improvement and they're willing to improve.

The Source of this post is ThisDay Live but I cannot find the link anymore. Even after googling it.