The Senate is expected to question two deputy governors of the Central Bank of Nigeria over the new cash policy which was unveiled by the body on Tuesday.
According to The PUNCH,the upper legislative house seeks to seek further clarification on the new directive, which limits weekly over-the-counter cash withdrawals by individuals and organizations to N100,000 and N500,000, respectively.
It also restricts cash withdrawals from point-of-sale machines and automated teller machines to N20,000 per day and N100,000 per week.
A memo from the CBN’s Director of Banking Supervision, Haruna Mustafa, dated Tuesday states that going forward, withdrawals above the thresholds will be subject to processing fees of 5% and 10% for both private individuals and corporate entities.
Additionally, third-party checks worth more than N50,000 will not be accepted for OTC payments as long as the current clearing check limits of N10 million are in effect.
The circular also instructed banks to limit ATM withdrawals to N20,000 per day and to only load N200 and lower denominations into their machines.
While deliberating the development on Wednesday, the Senate raised the need to debate the policy on the floor of the red chamber.
Aisha Ahmad and Edward Adamu, the two re-appointed deputy governors of the CBN, will be questioned by the Senate Committee on Banking on Friday regarding the new cash withdrawal policy, according to Senate President Ahmad Lawan.
