CBN to Suspend Suspend Limits on Cash Withdrawal

Share this

The Nigeria’s House of Representatives has asked Godwin Emefiele, Governor of the Central Bank, to suspend its latest policy – limiting cash withdrawal at deposit money banks and other financial institutions in the country.

The order was given on Thursday, December 8 during plenary.

According to Punch, the House had summoned the Governor of the CBN, Godwin Emefiele, to come and explain the policy to the parliament.

He is to appear before the lawmakers on Thursday.

This is based on a motion of urgent public importance moved by a member of the House, Aliyu Magaji, at the plenary on Thursday.

Several lawmakers warned that the policy would have serious consequences and adverse effects on businesses and Nigerians who have no access to the banking system.

The Minority Leader, Ndudi Elumelu, however, said the policy would check crimes as funds would now be tracked through the banking system. He said though the timing might be wrong, the country would benefit more from it.

Recall on Tuesday, the Central Bank of Nigeria (CBN) had issued a directive to all deposit money banks (DMBs) and other financial institutions (OFls) including Primary Mortqaqe Banks (PM3s) and Microfinance Banks (MFBs) to limit the amount of cash withdrawal over the counter (OTC) by individuals and corporate organizations between N100,000 and N500,OOO per week with effect from January 9, 2023.

Share this

Leave a Reply