The senate, on Wednesday, December 14, ordered the Central Bank of Nigeria (CBN) to considerably adjust its recently announced cash withdrawal limit policy.
Controversies have continued to trail the planned policy of CBN to limit daily cash withdrawal for individuals to N20,000 daily and N100,000 and N500,000 per week for individuals and corporate bodies respectively.
The upper chamber, in its resolution, also asked its committee on banking and finance to embark on an aggressive oversight of the apex bank as it implements the policy and give periodic reports to the senate.
The senate’s resolution was reached after an exhaustive debate by the lawmakers who attended Wednesday’s plenary session.
Some lawmakers argued that the withdrawal threshold set by the apex bank is unrealistic considering the economic situation in the country.
Some lawmakers also blamed CBN for not holding wide consultations on the policy before making the announcement, while some legislators argued that the policy will put Point of Sale (PoS) operators out of business, Channels TV reports
In addition, some lawmakers said that the policy will adversely affect Nigerians in the informal sector and those in rural communities.
Recall that the apex bank, last week, pegged maximum daily withdrawals via Automated Teller Machines (ATMs) and Point Of Sale (PoS) terminals at N20,000.
The CBN also directed commercial banks to ensure that weekly over-the-counter (OTC) cash withdrawals by individuals and corporate entities do not exceed N100,000 and N500,000, respectively.
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