The House of Representatives (Reps) has requested that the Central Bank of Nigeria (CBN) suspend the weekly cash withdrawal limits for individuals and corporate entities.
The lawmakers also summoned CBN Governor Godwin Emefiele to discuss the new policy, which is set to go into effect on January 9, 2023.
The resolution was passed during a plenary session on Thursday after Aliyu Magaji, a Jigawa lawmaker, sponsored a motion of urgent public importance.
The lawmakers agreed in plenary that the CBN should halt implementation until the investigation is completed.
Emefiele is scheduled to appear on Thursday.
New cash withdrawal limit
BizWatch Nigeria reported that CBN directed Deposit Money Banks (DMOs) and other financial institutions to ensure that individuals’ and corporate entities’ weekly Over-The-Counter (OTC) cash withdrawals do not exceed ₦100,000 and ₦500,000, respectively.
The central bank announced this in a circular signed by CBN Director of Banking Supervision Haruna Mustafa on Tuesday.
The apex bank stated that the regulatory directives will go into effect nationwide on January 9, 2023.
The CBN also set a daily withdrawal limit of ₦20,000 via Point of Sale (PoS) terminals.
“The maximum cash withdrawal per week via Automatic Teller Machine (ATM) shall be ₦100,000 subject to a maximum of ₦20,000 cash withdrawal per day.
“Only denominations of ₦200 and below shall be loaded into the ATMs,” the bank also said, adding that the new policy is sequel to the launch of the redesigned ₦200, ₦500 and ₦1,000 notes by President Muhammadu Buhari on November 23, 2022.
