SENATE TO DEBATE NEW CBN POLICY OVER CASH WITHDRAWAL LIMITS

After raising concerns in its plenary on Wednesday, the Senate has set Tuesday, 13th of December 2022, to debate the latest Central Bank of Nigeria, CBN, policy over cash withdrawal limits. Senate Minority Leader Aduda Phillip, in a point of order, had drawn the attention of his colleagues to the CBN’s new policy and demanded caution as it will affect many citizens, especially small business owners. Responding to this, Senate President Ahmad Lawan, who cautioned the CBN not to approach the policy at once, directed the committee on banking to engage the CBN and discuss the matter during the screening of the CBN Deputy Governor, expected to hold before the coming week.

Recall that, Under the new withdrawal policy, the CBN restricted the maximum weekly cash withdrawal over the counter by corporate organizations and individuals to 500 thousand naira and 100 thousand naira respectively. The new withdrawal regime pegged the maximum cash withdrawal per week via Automated teller Machine (ATM) at 100-thousand-naira subject to a maximum of 20-thousand-naira cash withdrawal daily.

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