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Cash Withdrawal Limit: Representatives Demand Suspension of Policy

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The House of Representatives has asked the Central Bank of Nigeria (CBN) to suspend its new policy limiting weekly cash withdrawals.

The lawmakers also summoned CBN governor, Godwin Emefiele, to appear next Thursday over the policy.

The resolution was passed during plenary on Thursday following the adoption of a motion of urgent public importance sponsored by Aliyu Magaji, a lawmaker from Jigawa State.

The Central Bank had on Tuesday directed all banks and other financial institutions to limit over-the-counter cash and POS withdrawals to N20,000 daily and N100,000 weekly for individuals.

The weekly cash withdrawal limit for companies was pegged at N500, 000.

It also directed that only N200 notes and lower denominations be loaded into ATMs.

The policy was scheduled to take effect on January 9, 2023.


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