The Central Bank of Nigeria recently disclosed that Nigerian Individuals will only be allowed to withdraw the sum of 100,000 naira weekly from their bank accounts via POS, ATM and over the counter withdrawals. The new policy, according to the CBN, will take effect in January 2023.
However, the Senate President of Nigeria, Ahmad Lawan, during plenary on Wednesday, 7th of December 2022 has cautioned the apex bank not to rush into the policy as it will have a negative effect on many Nigerians.
In the report on Channels Television News, the Senate Minority Leader, Phillip Aduda in a point of order during plenary on Wednesday raised the issue as he complained of the hardship the policy will bring to Nigerians.
While responding to Phillip Aduda, Ahmad Lawan revealed that there is the need for them to engage the CBN in discussions to get more information about the policy.
He has also directed the committee on banking to discuss the issue during the screening of the CBN Deputy Governors in a few days’ time.