CBN: Apex Bank To Be Quizzed By Senate Over Withdrawal Limit Policy

Two deputy governors of the Central Bank of Nigeria will be questioned by the Senate on Friday over the cash withdrawal limit policy announced by the apex bank on Tuesday.

The new policy which limits cash withdrawals for individuals to N100,000 a week and organisations to N500,000 is still a major topic of conversation days after it was unveiled.

Clarifications on the new directive will be sought by the red chamber concerning the policy which takes effect from January 9, 2023.

While deliberating on the issue on Wednesday, senators stated that it was necessary to debate the policy on the floor of the red chamber.

Subsequently, the Senate President, Ahmad Lawan, instructed 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 on Friday, on the new cash withdrawal policy.