2023: LP To Review CBN’s New Cash Withdrawal Policy

The Labour Party (PDP) Presidential Campaign Council has said it was reviewing the new Central Bank of Nigeria (CBN) policy on daily and weekly cash withdrawals.

Naija News reported that the CBN had revealed the plan to limit over-the-counter cash withdrawals by individuals and corporate entities to ₦100,000 and ₦500,000 per week, respectively.

In the circular issued on Tuesday issued by the CBN’s Director of Banking Supervision, Haruna Mustafa, the policy limits cash withdrawals via point-of-sale machines and automated teller machines to ₦20,000 daily and ₦100,000 weekly, respectively.

The new directive, which takes effect from January 9, 2023, stipulates that withdrawals above the thresholds would attract processing fees of five percent and 10 percent, respectively, for individuals and corporate entities going forward.

According to the CBN, Only ₦200 and lower denominations will be loaded into their ATMs and restricted withdrawal to ₦20, 000 per day from ATMs.

Reacting in a chat with Vanguard, the Chief Spokesman for the LP Campaign Council,  Yunusa Tanko, said the party has not seen and reviewed the policy document.

The LP chieftain, however, asked for time to consult and look at the policy document first before making a comment.

He said, “We are yet to see the policy document. When we do, then we can talk.”

Senate To Grill CBN Directors Over New Cash Withdrawal Policy

The Nigerian Senate has resolved to question two CBN deputy governors over the cash withdrawal limit policy released by the apex bank.

Deliberating on the new directive on the floor of the Senate on Wednesday, the Senate President, Ahmad Lawan, directed the Senate Committee on Banking to grill the two re-appointed deputy governors of the CBN, Aisha Ahmad, and Edward Adamu, who will be screened on Friday, on the new cash withdrawal policy.

This followed a move by Senator Philip Aduda (PDP FCT) to move a motion on the development.

Aduda had sought to rally other senators to deliberate on the policy but the Senate President, Lawan, interrupted him, saying it was too early to debate the circular.

Lawan noted that the newly re-appointed deputy CBN governors would be screened between Thursday and Monday so that by Tuesday, they would have been equipped with enough information to raise a motion in support or shoot down the policy.