2012-03-02 | BPS/DIR/GEN/CIR/01/002

Circular on Cash Withdrawal Limit for Primary Mortgage Institutions and Microfinance Banks.

The Central Bank of Nigeria has clarified that the N1 million withdrawal limit for corporate customers does not apply to Primary Mortgage Institutions (PMIs) and Microfinance Banks (MFBs). These specialized banks often face daily withdrawals exceeding N1 million, necessitating them to withdraw more from their correspondent banks. As a result, such institutions should not be subjected to the corporate withdrawal limit, allowing them to meet their customers' needs.

Nigeria

Central Bank of Nigeria

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