The Central Bank of Nigeria (CBN), has increased the maximum weekly limit for cash withdrawals across all channels by individuals and corporate organisations to N500,000 and N5million, respectively.

The CBN said this in a letter addressed to banks on Wednesday.

The apex bank said it made the decision based on feedback received from stakeholders.

CBN had weeks ago pegged weekly cash withdrawal limit at N100,000 for individuals, a development that has caused furore in the polity.