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Senate Makes Crucial Decision in Lieu of CBN New Cash Withdrawal Policy

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Senate Fixes Date To Debate New CBN Cash Withdrawal Policy

Concerns have been voiced by the Senate regarding the CBN’s new cash withdrawal policy.

The Senate has voiced concerns about the new Central Bank of Nigeria (CBN) policy on cash withdrawals.

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In a motion for order on Wednesday during plenary, Senate Minority Leader Phillip Aduda called attention to the new policy and urged caution because it will have an impact on many Nigerians, particularly small business owners.

In his response, Senate President Ahmad Lawan warns the CBN against implementing the policy all at once because it will have an impact on a large number of Nigerians.

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He also noted that the CBN should be involved in discussions to learn more about the policy, and he instructed the committee on banking to bring up this issue at the screening of the CBN deputy governors, which is scheduled to take place before next week.

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The new CBN policy will be discussed in the Senate on Tuesday.

Read Also: CBN New Policy on Cash Withdrawal Limit, Everything you need to know

The CBN new withdrawal policy limits the amount of cash that can be withheld over the counter (OTC) by both individuals and corporate organisations to N100,000 and N500,000 per week, respectively.

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However, the CBN announced that going forward, withdrawals above the thresholds would be subject to processing fees of 5% and 10% for both private individuals and corporate entities.

CBN Governor - Godwin Emefiele

Additionally, while the current clearing cheque limits of N10 million are still in effect, third-party cheques over N50,000 will not be eligible for OTC payment.

The new withdrawal policy also set a daily cap of N20,000 and a weekly cap of N100,000 for cash withdrawals made through automated teller machines (ATMs).

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