The Senate has raised concerns about the latest Central Bank of Nigeria (CBN) policy on cash withdrawals.
Senate Minority Leader Phillip Aduda in a point of order during plenary on Wednesday called the attention of his colleagues to the new policy and demanded for caution as it will affect many Nigerians, especially small business owners.
In his response, Senate President Ahmad Lawan cautions the CBN not to approach the policy by jumping into it at once as many Nigerians will be affected.
He further noted that there is a need to engage the CBN in discussions to get more details of the policy and he directs the committee on banking to discuss this matter during the screening of the CBN Deputy Governors expected to hold before next week.
The Senate has set next Tuesday to debate the new CBN policy.
Under the new withdrawal policy, the CBN restricted the maximum cash withdrawal over the counter (OTC) by individuals and corporate organisations per week to N100,000 and N500,000 respectively.
READ ALSO: New CBN Policy Not Bad But Focus Is Wrong – Economist
The CBN stated, however, that withdrawals above the thresholds would attract processing fees of 5 per cent and 10 per cent respectively for individuals and corporate entities going forward.
In addition, third-party cheques above N50,000 shall not be eligible for OTC payment while extant limits of N10 million on clearing cheques still remain.
The new withdrawal regime further pegged the maximum cash withdrawal per week via Automated teller Machine (ATM) at N100,000 subject to a maximum of N20,000 cash withdrawal per day.
It must also be made clear to audiences when voices they are hearing are AI…
The pope missed last year's open-air ceremony, which took place shortly after he was released…
The Italian had lost to Medvedev in the Miami final last year but beat him…
The presidential spokesman said he and some other staff of the Presidency call Tinubu “President…
The elder statesman also insisted that there is no way the 1999 Constitution can solve…
He called for strong political will on the part of leaders at all levels to…