Reps Summon CBN Gov Over Cash Withdrawal Limit

The House of Representatives has summoned the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, over the apex’s recent policies on Naira redesign and cash withdrawal limits.

At its plenary on Thursday, the lawmakers passed a resolution inviting Emefiele to appear before them to “shed light” on the policies.

The CBN governor’s invitation came about 24 hours after the apex bank imposed cash withdrawal limits on individuals and organizations in the country.

In a memo on Wednesday, the CBN said individuals would only be allowed to withdraw a maximum of N100,000 per week irrespective of cash withdrawal channels while organizations are restricted to weekly withdrawals of N500,000.

“Withdrawals above these limits shall attract processing fees of 5% and 10%, respectively,” read the memo signed by CBN’s Director of Banking Supervision, Haruna .B. Mustafa.

The cash withdrawal policy was scheduled to take effect on January 9, 2023.