Senate Asks CBN To Increase Withdrawal Limits

The Nigerian Senate on Wednesday asked the Central Bank of Nigeria to adjust its recently announced cash withdrawal limits.

The upper chamber, in its resolution, also asked its Committee on Banking and Finance to embark on aggressive oversight of the apex bank as it implements the policy and gives periodic reports to the Senate.

The Senate’s resolution was reached after an exhaustive debate by the lawmakers who attended Wednesday’s plenary session.

Some lawmakers argued that the withdrawal threshold set by the CBN is unrealistic considering the economic situation in the country.

Some lawmakers faulted the CBN for not holding wide consultations on the policy before its announcement while some legislators argue that the policy will put Point of Sale (PoS) operators out of business.

In addition, some lawmakers said the policy will adversely affect Nigerians in the informal sector, the unbanked, and those in rural communities.

Recall that the CBN last week pegged maximum daily withdrawals via Automated Teller Machines (ATMs) and Point Of Sale (PoS) terminals at N20,000.

The CBN said the new policy is a sequel to the launch of the redesigned N200, N500, and N1,000 notes by President Muhammadu Buhari on November 23, 2022.

It directed banks to ensure that weekly over-the-counter (OTC) cash withdrawals by individuals and corporate entities do not exceed N100,000 and N500,000, respectively.