Concerns concerning the Central Bank of Nigeria’s (CBN) most recent cash withdrawal regulation have been voiced by the Senate.
In a point of order during plenary on Wednesday, Senate Minority Leader Phillip Aduda, brought the new policy to the attention of his colleagues and urged caution because it will have an impact on many Nigerians, particularly small business owners.
In his reaction, Senate President Ahmad Lawan warns the CBN against implementing the policy abruptly because many Nigerians will be impacted.
He also emphasized the need for discussions with the CBN to learn more about the policy, and he gave the banking committee instructions to bring up this issue during the CBN deputy governors’ screening, which is anticipated to take place before next week.
The new CBN policy will be discussed by the Senate at its meeting on Tuesday.
The CBN’s new withdrawal policy limits the weekly maximum cash withdrawals at the counter (OTC) for both private people and business organizations to N100,000 and N500,000, respectively.
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However, the CBN announced that moving ahead, processing fees for both private persons and corporate entities will be 5% and 10%, respectively, for withdrawals beyond the levels.
Additionally, third-party cheques for more than N50,000 would not be accepted for OTC payments as long as the current clearing check restrictions of N10 million are in effect.
The new withdrawal policy also limited the weekly maximum cash withdrawal by Automated Teller Machine (ATM) to N100,000, subject to a daily cap of N20,000.