Senate To Grill CBN Directors Over New Cash Withdrawal

Senate will tomorrow grill 2 deputy governors of Central Bank of Nigeria (CBN) over cash withdrawal limit policy unveiled by the apex bank.

The red chamber plan to seek clarifications on the new directive which restricts over-the-counter cash withdrawal by individuals and organizations to one hundred thousand naira and five hundred thousand naira, per week.

It also limits cash withdrawals via point-of-sale machines and automated teller machines to twenty thousand naira daily and one hundred thousand naira weekly.

According to a memo signed by CBN’s Director of Banking Supervision, Mr. Haruna Mustafa, withdrawals above the thresholds would attract processing fees of five percent and ten percent, for individuals and corporate entities going forward.

The Senators said there was need to debate the policy on the floor of the red chamber.

However, Senate President, Ahmad Lawan, directed the Senate Committee on Banking to grill the two re-appointed deputy governors of the CBN, Aisha Ahmad, and Edward Adamu, who will be screened tomorrow on the new cash withdrawal policy.