SaharaReporters earlier reported that the CBN in a memo issued to banks on Tuesday imposed a weekly limit of N100,000 and N500,000 withdrawals on individuals and organisations respectively.
The upper legislative chamber of the National Assembly, Senate on Wednesday, expressed concerns over the latest Central Bank Nigeria's (CBN) policy on cash withdrawals limit.
SaharaReporters earlier reported that the CBN in a memo issued to banks on Tuesday imposed a weekly limit of N100,000 and N500,000 withdrawals on individuals and organisations respectively.
The policy according to the memo will take effect from January 9, 2023.
According to the memo signed by the Director of Banking Supervision, Haruna B. Mustafa, which was obtained by SaharaReporters, “Withdrawals above these limits shall attract processing fees of 5% and 10%, respectively”.
The apex bank has also directed commercial banks to load only N200 and lower denominations into their ATMs.
However, the Senate has set next Tuesday to debate the new CBN policy with Senate President Ahmad Lawan and Senate Minority Leader Phillip Aduda calling on the apex bank to approach the policy with caution.
Aduda, who raised the issue during the plenary on Wednesday, noted that the policy would affect many Nigerians, particularly small business owners.
Lawan also called for caution, adding that the Senate will engage with the apex bank to get more details about the policy.