Senate asks CBN to review Cashless, Withdrawal Limit

The Nigerian Senate wants the Central Bank of Nigeria to considerably adjust its new policy on withdrawal limits in response to the public outcry that has trailed the announcement of the policy.

This Resolution followed the consideration of the report of the Committee on Banking Insurance and other Financial institutions presented by its Chairman, Senator Uba Sani .

In spite of concerns raised by some lawmakers on the timing and the impact it may have on Nigerians, the senate resolved to support the Apex bank in the continuous implementation of transformational payments and financial industry initiatives.

CHAIRMAN OF THE Committee on Banking, Insurance and other financial institutions, Senator Uba Sani has come to Plenary, to Present his committee’s findings on the Central Bank’s new withdrawal policy.

Senator Uba Sani tells lawmakers that the CBN Policy intends to promote a safe, credible and efficient payment system and it is not aimed at frustrating hardworking Nigerians and businesses as insinuated in some quarters.

While contributing to the debate, the lawmakers agree that the CBN’s New policies may be beneficial to Citizens

But they fault the timing and manner with which the APEX Bank intends to impose these new policies and worry that this may greatly affect those living in rural communities.

While acknowledging the independence of the Apex bank to take decisions , the Senate urges the CBN to review its new Policy on withdrawal limits.

The Senate also urges its Committee on Banking to Continue to ensure an aggressive oversight of the APEX Bank as part of its commitment to providing flexible adjustments of the withdrawal limits.

The Central Bank of Nigeria had announced the implementation of the Cashless Policy which is a continuation of the Policy initially introduced in 2012.

The Policy among Other things includes a cash withdrawal limit for both Individual and Corporate accounts.