The National Assembly is not in support of Central Bank of Nigeria’s new cash withdrawal policy and is having some reservations.
The Senate and House of Representatives were concerned over the Central Bank of Nigeria’s (CBN) new cash withdrawal policy meted out for commercial banks and other financial organisations.
The Central bank had in an deliberate move to fight and deal with vote buying as the 2023 elections draws closer and regulate the amount of cash in liquidity introduced a limit on cash withdrawal.
The recent monetary policy followed the Central bank’s recent currency redesign in which it had mentioned that there was a high volume of cash in circulation.
Under the new administration the Apex bank regulated the maximum fiat withdrawal over the counter (OTC) by individual persons and business organisations weekly to hundred thousand naira and five hundred thousand naira, respectively.
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