Breaking: Reps Orders CBN To Suspend Policy Of Cash Withdrawal Limit

The Central Bank of Nigeria (CBN) on Thursday was ordered by the House of Representatives to halt the implementation of the new cash withdrawal policy.

CityNews Nigeria recalls that the apex bank on Tuesday set limits to cash withdrawals at the Deposit Money Banks and other financial institutions.

CBN limited over-the-counter cash withdrawals by individuals and corporate entities to N100,000 and N500,000 per week, respectively.

The new policy was scheduled to take effect across the country on January 9, 2023.

The House on Thursday had directed the CBN Governor to appear before the House, next Thursday to brief the House on the new policy.

Magaji Aliyu who sponsored the motion said the new policy by the CBN should not be allowed to stand.

The lawmaker further stated that it will adversely affect the Nigerian people, especially those running small-scale businesses.

He added that the new policy was put in place when Nigerians are still trying to come to terms with the decision to redesign the currency.