Nigeria Lawmakers Order Central Bank To Suspend The New Cash Withdrawal Limit Policy.
The House of Representatives at Thursday plenary asked the Central Bank Governor, Mr. Godwin Emefiele to suspend implementation of the N100k withdrawal limit policy. Emefiele was invited to appear on Thursday next week to explain to the House the impact and significance of the new policy.
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The resolution was passed during a plenary session on Thursday following the adoption of a motion of urgent public importance sponsored by Aliyu Magaji, a lawmaker from Jigawa.
In a memo issued on Tuesday, signed by the Director of Banking Supervision, Haruna Mustafa, the apex bank directed all banks and other financial institutions to ensure that over-the-counter cash withdrawals by individuals and corporate entities do not exceed N100,000 and N500, 000, respectively, per week.
It also directed that only N200 and lower denominations should be loaded into banks’ ATMs.
At the plenary, the lawmakers resolved that CBN should halt the implementation pending conclusion of probe.
Emefiele is expected to appear next Thursday.