Tue. Dec 13th, 2022

SENATE YET TO DECIDE ON CBN CASH WITHDRAWAL LIMIT POLICY.

The Chairman, Senate Committee on Public Accounts, Senator Mathew Urhoghide, says the Senate has not taken any decision on the cash withdrawal limit recently announced by the Central Bank of Nigeria, CBN.

The Senator disclosed this in an interview yesterday, explaining that the Senate is waiting for recommendations from its Committee asked to look into the matter.

He however, admitted that the CBN has the powers to announce such policy, but that the Lawmakers also have the right to review such policy if it does not meet the aspiration of the public.

The Edo Lawmaker was speaking after the CBN ordered Deposit Money Banks and other financial institutions to ensure that weekly over the counter cash withdrawals by individuals and corporate entities do not exceed one hundred thousand Naira and five hundred thousand naira from the ninth of next month.

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