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CBN excludes PMBs, MFBs from cash withdrawal limits

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The Central Bank of Nigeria has exempted Microfinance, Mortgage banks from its cash withdrawal limit.

Nigeria’s apex bank made this known in a circular signed by its Director of Payment System management, Jimoh Musa, released Monday.

According to the circular, ‘Exemption of Primary Mortgage Banks and Microfinance Banks from cash withdrawal limits’, CBN said the move would takeoff the burden of paying processing fees for economically active poor Nigerians.

“This enables them to continue to play their expected roles in the economy and provide specialised retail banking service to their customers.

CBN also added that, “Please note that the microfinance and primary mortgage banks are required to fully comply with the cash withdrawal limits in serving their customers as per the circular with reference number BSD/DIR/PUB/LAB/015/073 dated December 21, 2022.”

Recall that in December 2022, CBN placed a cash withdrawal limit on cash withdrawal due to the Naira redesign policy implementation.

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