The Senate has asked the Central Bank of Nigeria to “considerably adjust the withdrawal limits” in response to public outcry on the policy.
The lawmakers also mandated its Committee on Banking and Finance to embark on aggressive oversight of the apex bank on its commitment to flexible adjustment of the withdrawal limit. The committee is expected to occassionally report the outcome to the Senate.
These are part of the recommendations adopted after the Senate considered the committee’s report on the implementation of cashless policy and new withdrawal limit.
The committee also asked the Senate to support the CBN in implementing the policies.
The CBN, in a memo in November, announced a limit on cash withdrawal made by individuals and organisations with effect from 9 January, 2023.
The bank directed that over-the-counter cash withdrawals by individuals and corporate entities do not exceed N100, 000 and N500,000, respectively, per week. It also directed that only N200 and lower denominations should be loaded into banks’ ATM machines.
The CBN said maximum cash withdrawal per week via ATM should be N100,000 subject to a maximum of N20,000 cash withdrawal per day.
Last week, the Senate directed the committee to interface with two newly appointed CBN deputy governors on the new policy while their counterparts at the lower chamber have summoned the CBN governor, Godwin Emefiele, for explanations.