Trouble for CBN Governor as Lawmakers Make Strong Decision Over Cash Withdrawal Limit Policy

Trouble for CBN Governor as Lawmakers Make Strong Decision Over Cash Withdrawal Limit Policy

  • Godwin Emefiele, the governor of Nigeria's Central Bank has been summoned by members of the House of Representatives
  • Emefiele is expected to appear before the lawmakers at the National Assembly on Thursday, December 15
  • The summon by the lawmaker is expected to give the CBN governor an opportunity to explain details on the new cash withdrawal limit and the proposed naira redesign

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Lawmakers of the House of Representatives have summoned the governor of the Central Bank, Godwin Emefiele, over the recent cash withdrawal policy announced by the apex bank.

PM News reports that Emefiele was summoned to appear before members of the House of Representatives by 11 am on Thursday, December 15.

Godwin Emefiele, Central Bank of Nigeria, Cash withdrawal limit policy, naira redesign
The CBN governor has been summoned by members of the House of Representatives. Photo: Chris J. Ratcliffe
Source: Getty Images

The lawmakers unanimously agreed that Emefiele has to throw more light on the redesigned naira and the cash withdrawal policy announced by the CBN.

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The CBN in a recent memo announced a new cash withdrawal limit for individuals of N20,000 per day and N100,000 per week from the Automated Teller Machine (ATM).

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The new memo by the apex bank also directed that the policy will take effect across the country from January 9.

This policy is a wide deviation from the current N100,000 per day withdrawal from the ATMs across the country.

CBN in its memo said:

“The maximum cash withdrawal over the counter by individuals and corporate organisations per week shall henceforth be N100,000 and N500,000 respectively. Withdrawals above these limits shall attract processing fees of 5% and 10%, respectively.
“Third-party cheques above N50,000 shall not be eligible for payment over the counter, while extant limits of N10,000,000 on clearing cheques still subsist."

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CBN commences distribution of new notes to banks as December 15 deadline approaches

CBN announces cash withdrawal limit, sets N20,000 per day at POS; N100,000 per week from banks

The central bank of Nigeria had also announced a daily limit on cash withdrawal for Nigerians and corporate.

The action by the CBN hope will persuade Nigerians to use electronic means for transactions.

The CBN has also announced that only N200 notes will be deposited in ATMs across the country.

Naira redesign: CBN issues new directive to banks as deadline for return of old notes approaches

Every commercial bank in Nigeria had earlier been directed to ensure they work on Saturdays to facilitate the easy return of old naira notes.

This directive was given by the Central Bank of Nigeria following the recent plan to redesign N200, N500 and N1,000 notes.

According to the apex bank, all the existing notes shall cease to be legal tender by January 31, 2023.


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