Categories: Finance

Supreme Court Bans Withdrawal Limit Policy

Supreme court

On 3 March 2023, the Supreme Court sitting in Abuja ruled in favour of a suit brought before it by Governors. The apex court has placed a ban on the CBN’s Withdrawal Limit Policy.
During the Apex court’s judgment, it was read that “the directive on cash withdrawal limit is an infringement on the Citizens’ Human Rights. People should have full access to their deposited funds with no hindrance.”
Recall that effective January 9, 2023, individuals and corporate entities were limited to a withdrawal maximum of N500,000 and N5 million respectively compared to N100,000 and N500,000 which was previously announced on December 6, 2022.

 

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