Senate asks Central Bank of Nigeria to reconsider cash withdrawal policy

The Nigerian lawmakers at the Senate have asked the Central Bank of Nigeria (CBN) to considerably adjust the withdrawal limits in response to public outcry on the policy, and also mandated its Committee on Banking and Finance to embark on aggressive oversight of the apex bank on its commitment to flexible adjustment of the withdrawal limit.

Penpushing reports that, it is recalled that the Central Bank of Nigeria (CBN) in a memo in November, announced a limit on cash withdrawal made by individuals and organisations with effect from January 9, 2023.

The Senate, however, in part of the recommendations adopted after the sitting considered the committee’s report on the implementation of cashless policy and new withdrawal limit, while the committee will periodically report the outcome to the Senate.

Penpushing further reports that, the  committee also asked the Senate to support the  Central Bank of Nigeria(CBN) in implementing the policies, while it is also recalled that the apex bank had  directed that over-the-counter cash withdrawals by individuals and corporate entities do not exceed N100, 000 and N500,000, respectively, per week.

The Central Bank  also directed that only N200 and lower denominations should be loaded into banks’ Automated Machine (ATM),stressing that  maximum cash withdrawal per week via Automated Machine(ATM) should be N100,000 subject to a maximum of N20,000 cash withdrawal per day.

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