The House of Representatives has weighed in on the recent CBN policy of deepening a cashless economy in Nigeria by asking the Central Bank of Nigeria (CBN) to halt the implementation of the new cash withdrawal limit policy slated for January 9, 2023, pending compliance with the provisions of the Act establishing the apex Bank.
The House also summoned the CBN Governor, Godwin Emiefele, in accordance with the provisions of the Central Bank Act to brief the Green Chamber on several policies of the Bank in recent times.
Members of the Lower Chamber of the National Assembly, who took turns to condemn the new cash withdrawal policy, opined that it would grossly affect small businesses and the economy since most rural communities don’t have access to banks.
The House, however, directed the CBN Governor to appear before it on Thursday, December 15, 2022, to brief lawmakers on why the cash withdrawal limit policy should be allowed to stand.
A memo which was signed by Haruna Mustafa, Director of Banking Supervision, and released by the CBN earlier in the week reads: “Further to the launch of the redesigned Naira notes by the President of the Federal Republic of Nigeria, on Wednesday, November 23, 2022 and in line with the Cash- less policy of the CBN, all deposit money banks (DMBS) and other financial institutions (OFIs) are hereby directed to note and comply with the following:
“The maximum cash withdrawal over the counter (OTC) by individuals and corporate organizations per week shall henceforth be N100,000 and N500,000 respectively. Withdrawals above these limits shall attract processing fees of 5% and 10%, respectively.
“Third-party cheques above 50,000 shall not be eligible for payment over the counter, while extant limits of N10,000,000 on clearing cheques still subsist.
