Senate asks CBN to adjust withdrawal limits

Our reporter| The Senate on Wednesday asked the Central Bank of Nigeria (CBN) to considerably adjust its recently announced cash withdrawal limits in response to the public outcry against the new policy.

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 give 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.

They faulted the apex bank 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.

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

The Senate had on Tuesday postponed its debate on the policy.

The CBN on Wednesday pegged maximum daily withdrawals via Automated Teller Machines (ATMs) and Point Of Sale (PoS) terminals at N20,000.

The new policy followed the launch of the redesigned N200, N500, and N1,000 notes by President Muhammadu Buhari on November 23, 2022.

 

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