Senate to debate new CBN’s withdrawal limit policy

The Senate has set Tuesday, 13th of December 2022, to debate the latest Central Bank of Nigeria (CBN) policy over cash withdrawal limits.

The Senate raised concerns in its plenary on Wednesday.

Senate Minority Leader Aduda Phillip, in a point of order, had drawn the attention of his colleagues to the CBN’s new policy and demanded caution as it will affect many citizens, especially small business owners.

Responding to this, Senate President Ahmad Lawan, who cautioned the CBN not to approach the policy at once, directed the committee on banking to engage the CBN and discuss the matter during the screening of the CBN Deputy Governor, expected to hold before the coming week.

Under the new withdrawal policy, the CBN restricted the maximum weekly cash withdrawal over the counter (OTC) by corporate organisations and individuals to N500,000 and N100,000, respectively.

The new withdrawal regime pegged the maximum cash withdrawal per week via Automated teller Machine (ATM) at N100,000, subject to a maximum of N20,000 cash withdrawal daily.

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