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Senate Asks CBN to Adjust Cash Withdrawal Limit Policy

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The Senate on Wednesday, asked the Central Bank of Nigeria, CBN, to “considerably adjust its recent proposed cash withdrawal limit of N100, 000 per week for  individuals and N500, 000 per week for Corporate bodies, in response to public outcry” against the move.

The red chamber took the decision after considering the report of its Committee on Banking Insurance And Other Financial Institutions chaired by Senator Uba Sani.

Senators who kicked against the proposed policy, said that Nigeria was not ripe for it as the rural people would suffer, describing it as nonsensical, vague, nebulous and anti- people, just as they warned  that it may lead to mass revolt in the rural areas across the country.

Sani said the report of his panel was based on the interaction the members had with the nominees.

Part of the report read, “That the Central Bank of Nigeria should considerably adjust the withdrawal limits in response to public outcry on the policy.

“That the Committee should continue to embark on aggressive oversight of the Bank on its commitment to flexible adjustment of the withdrawal limit and periodically report the outcome to the Senate.

“That the Senate should support the Bank in the continuous implementation of transformational payments and financial industry initiatives in line with its mandate in accordance with the CBN Act.”

Following its consideration and approval of the recommendations, the upper chamber urged the apex bank to considerably adjust the policy.

While relying on a report by its Committee on Banks, Insurance and other Financial Institutions, the Senate also mandated the committee to “continue to embark on aggressive oversight of the (apex) Bank on its commitment to flexible adjustment of the withdrawal limit and periodically report outcome to the Senate”.

The Senate also resolved to, “support the CBN in the continuous implementation of transformational payments and financial industry initiatives in line with its mandate in accordance with the CBN Act.”

Recall that CBN had issued a directive  which limited the daily cash withdrawal for individuals at N20, 000 while corporate organisations could only withdraw a maximum cash of N100,000, a day. The policy stipulated N500,000 for organisations and corporate bodies weekly.

 

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