Senate urges CBN to adjust cash withdrawal limit

The Senate yesterday urged the Central Bank of Nigeria (CBN) to considerably adjust its recent cash withdrawal limit policy in response to public outcry against the move.

The upper chamber also mandated its Committee on Banking, Insurance and Other Financial Institutions to “continue to embark on aggressive oversight of the (apex) Bank on its commitment to flexible adjustment of the withdrawal limit and periodically report outcome to the Senate.”

The Senate also resolved to “support the CBN in the continuous implementation of transformational payments and financial industry initiatives in line with its mandate in accordance with the CBN Act.”

These resolutions of the Senate followed its consideration and approval of the recommendations contained in a report by its  Committee on Banks, Insurance and other Financial Institutions on the recent cash withdrawal limit of the CBN.

President Muhammadu Buhari had last week Tuesday forwarded the names of Ahmad and Adamu for screening and confirmation for reappointment for the second and final terms to the Senate.

The CBN had under its revised cash withdrawal limits placed a limit on cash withdrawals to N20,000 daily for Point Of Sale terminals; N100,000 weekly for private individuals and N500,000 for organisations and corporate bodies weekly, respectively.


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