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CBN Cash Withdrawal Limits – Reps Summon Emefiele

The House of Representatives has condemned the new policy introduced by the Central Bank of Nigeria which, among others, sets limits to cash withdrawals and Over the counter Activities.

Therefore, the House summoned the Governor of the CBN, Godwin Emefiele, for an explanation of the new policy to the parliament.

Based on the opinon of a  member of the House, Aliyu Magaji, at the plenary on Thursday, Emefiele  is expected to appear before the lawmakers.

Several lawmakers warned that the policy would have serious consequences and adverse effects on businesses and Nigerians who have no access to the banking system.

Earlier this week, on tuesday, the Central Bank of Nigeria (CBN) announced a new policy that mandates deposit money banks and other financial institutions to ensure that over-the-counter cash withdrawals by individuals and corporate entities do not exceed N100, 000 and N500, 000, respectively, per week.

According to a new memo to banks issued on Tuesday and signed by the Director of Banking Supervision, Haruna .B. Mustafa, individuals will only be able to withdraw N100,000 per week ( from over the counter, Point of Sale Machines or the Automated Teller Machines), while organisations can access N500,000 per week.

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