The Central Bank of Nigeria (CBN) has announced a major adjustment to its banking regulations, increasing the weekly cash withdrawal limit across all channels from N100,000 to N500,000. In a move aimed at improving liquidity and reducing daily banking stress, the apex bank has also removed the limit on cash deposits, allowing Nigerians to freely deposit funds without restriction.

This adjustment comes amid ongoing concerns from businesses and individuals frustrated by previous withdrawal caps, which often led to long queues and restricted access to cash for daily transactions. The CBN believes the new measures will boost financial activity and ease pressure on both banks and customers, creating a more flexible banking environment across the country.

While the policy change has been welcomed by many, the question remains: will this new level of access truly improve the everyday banking experience for ordinary Nigerians, or will systemic challenges still limit its effectiveness? Visit www.jocomms.com for more news