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Withdrawal Limits: Senate To Debate New CBN Policy On Tuesday Over Concersns

by Victor Ndubuisi

The Senate has expressed worry about the recent Central Bank of Nigeria (CBN) cash withdrawal policy.

In a point of order during plenary on Wednesday, Senate Minority Leader Phillip Aduda drew the attention of his colleagues to the new policy and urged caution because it will affect many Nigerians, particularly small business owners.

In his reaction, Senate President Ahmad Lawan warns the CBN not to rush into the program since it will damage many Nigerians.

See How Customers, Companies, Small Businesses Reacted As CBN Slashes Cash Withdrawal Limits

He also stated that there is a need to engage the CBN in conversations to obtain more specifics on the policy, and he directs the banking committee to examine this topic during the CBN screening.
Deputy Governors are expected to hold before next .


The Senate has scheduled a vote on the new CBN policy on next Tuesday.

The CBN has limited the maximum cash withdrawal over the counter (OTC) by individuals and business organizations per week to N100,000 and N500,000, respectively, under the new withdrawal policy.

However, the CBN noted that withdrawals beyond the criteria would be subject to processing fees of 5% and 10%, respectively, in the future for individuals and business entities.

Furthermore, third-party cheques worth more than N50,000 will not be eligible for OTC payment, although existing clearing cheque restrictions of N10 million will be maintained.

NEWS FLASH: CBN Limits Cash Withdrawals To N100,000 Per Week

The new withdrawal rule also limited the maximum cash withdrawal per week through an Automated Teller Machine (ATM).



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