By Muhammadu Sabiu
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 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.
Recall that Lawan had previously advised the CBN not to approach the policy immediately.
The CBN limited the maximum weekly cash withdrawal over the counter (OTC) by corporate organisations and individuals to N500,000 and N100,000, respectively, under the new withdrawal policy.
The new withdrawal rule set the weekly limit cash withdrawal by Automated Teller Machine (ATM) at N100,000, with a daily maximum of N20,000.