THUR. 08 DEC, 2022-theGBJournal| The Federal House of Representatives Thursday passed a resolution ordering the Central Banking of Nigeria (CBN) to suspend its cash limit withdrawal policy.
The lawmakers, through the resolution, also invited the CBN Governor Godwin Emefiele to appear before the House on Thursday 15th December 2022 at 11 am to ”shed light on the newly proposed Naira redesign and withdrawal limit policies.”
The CBN Tuesday announced the sweeping change to its cash withdrawal policy, pegging limits of withdrawal for corporates and individauls at both the Automated Teller Machine (ATM) and over the counter (OTC).
The policy limited maximum cash withdrawal over the counter (OTC) by individuals and corporate organisations per week to N100, 000 and N500, 000 respectively.
The Automated Teller Machine (ATM) withdrawal limit was pegged to N100,000 subject to a maximum of N20,000 cash withdrawal per day. The apex bank also directed that only N200 and below shall be loaded into the ATMs.
And, at the point of sale (PoS), individuals can now only withdraw as much as N20,000 daily.
The resolution to suspend the policy was passed at today’s Plenary following the adoption of a motion of urgent public importance sponsored by Aliyu Magaji, a Representative from Jigawa State.
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