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Cash Withdrawal Limits: Reps order CBN to halt policy, summon Emefiele

The House of Representatives yesterday urged the Central Bank of Nigeria (CBN) to reverse its recently announced cash withdrawal limits, which pegs weekly cash withdrawals at N100, 000 and N500, 000 per individual and corporate body, respectively.

The order was consequent upon the adoption of a motion sponsored by Hon. Magaji Da’u Aliyu (APC, Jigawa) at the plenary. In adopting the motion, the House also invited the CBN Governor, Godwin Emefiele to appear before it next Thursday even as it urged the bank to do more advocacy, enlightenment, and sensitisation on small business holders across thecountrybefore issuing policies and directives that may affect their business concern.

It equally asked the apex bank to give not less than one year’s notice in case of any plan to issue such similar notices that may touch directly on small business owners in Nigeria. While presenting the motion, Aliyu noted that on the 6th of December 2022, via a letter marked BSD/DIR/ PUB/LAB/015/069, signed by oneHarunaB. Mustafa rectorof BankingOperations) issuedthefollowing releasesto the public, among which are: “The maximum cash withdrawaloverthecounter( OTC) by individuals and corporate organisations per week shall henceforth be N100, 000.00 and N500, 000 respectively. Withdrawals above these limits shall attract processing fees of 5% and 10% respectively.

“Third party cheques above N50, 000.00 shall not be eligible for payment over the counter, while extant limits of N10, 000,000.00 on clearing cheques still subsist. “The maximum cash withdrawal per week via Automated Teller Machine (ATM) shall be N100, 000.00 subject to a maximum of N20, 000 cash withdrawal per day. “Only denominations of N200.00 and below shall be loaded into the ATMs. “The maximum cash withdrawal via point of sale (PoS) terminal shall be N20, 000.00 daily. “In Compelling circumstances, not exceeding once a month, where cash withdrawals shall not exceed N5,000,000.00andN10,000,000.00 for individuals and corporate organizations, respectively, and shall be subject to the referenced processing fees in (1) above, inadditiontoenhanced due diligence and further information requirements”.

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