The Senate has scheduled a hearing on the Central Bank of Nigeria’s (CBN) most recent cash withdrawal limit policy for Tuesday, December 13, 2022.
In its plenary session on Wednesday, the Senate voiced its concerns.
In a point of order, Senate Minority Leader Aduda Phillip called attention to the CBN’s new policy and urged care because it will have an impact on many people, particularly small company owners.
In response, Senate President Ahmad Lawan instructed the banking committee to speak with the CBN and discuss the issue during the screening of the CBN Deputy Governor, which is anticipated to take place before the next week. Lawan had previously advised the CBN not to approach the policy immediately.
The maximum weekly cash withdrawal over the counter (OTC) by corporate organizations and individuals was limited by the CBN under the new withdrawal policy to N500,000 and N100,000, respectively.
The new withdrawal rule set a weekly cap of N100,000 on the amount of cash that could be withdrawn from an ATM, with a daily cap of N20,000.
