Senate Concerned About CBN’s New Withdrawal Policy

Senate Concerned About CBN's New Withdrawal Policy

The Senate has scheduled a vote for next Tuesday concerning the new policy released by the Central Bank of Nigeria (CBN) on the limit of cash withdrawals.

In a point of order during plenary on Wednesday, Senate Minority Leader Phillip Aduda drew the attention of his colleagues to the new policy and urged caution because it will affect many Nigerians, particularly small business owners.

In his response, Senate President Ahmad Lawan warns the CBN not to rush into the policy because it will affect many Nigerians.

He also stated that there is a need to engage the CBN in discussions to obtain more details on the policy, and he directs the banking committee to discuss this matter during the screening of the CBN Deputy Governors, which is expected to take place before next week.

BizWatch Nigeria had reported that CBN has limited the maximum cash withdrawal over the counter (OTC) by individuals and corporate organizations per week to ₦100,000 and ₦500,000, respectively, under the new withdrawal policy.

According to a statement 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.

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.

The bank also said that only denominations of ₦200 and below shall be loaded into the ATMs. 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.

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