NIGERIA, Dec. 4 -- The revised framework aims to cut the rising cost of cash handling, strengthen security around cash movements and curb financial crimes linked to heavy use of physical money.



In a circular signed by the Director of Financial Policy and Regulation, Dr Rita Sike, the CBN explained that the update was necessary to harmonise several cash directives issued over the years and bring policy in line with today's financial realities. One of the most significant changes is the removal of the cumulative cash deposit limit, along with the scrapping of related deposit fees.



Under the new guidelines, individuals can withdraw up to five hundred thousand naira weekly, while corporate bodies are limited to five million naira acro...