JUST IN: House of reps summons Emefiele over cash withdrawal limit policies

cfb godwin emefiele e
cfb godwin emefiele e

The House of Representatives on Thursday summoned the Central Bank of Nigeria (CBN) Governor, Godwin Emefiele to appear before it over withdrawal limit policies.

The House of Representatives, in a resolution said Emefiele has to appear before the House on Thursday, 15 December, 2022 by 11.00am.

The lawmakers said the CBN governor has to shed light on the newly proposed naira redesign and withdrawal limit policies.

The CBN had on Tuesday limited the maximum cash withdrawal an individual can withdraw from Automated Teller Machine (ATM) to 100,000 per week.

This is against the N100,000 daily withdrawal from ATM.

The regulatory directives take effect nationwide from January 9, 2023.

A memo from the CBN on Tuesday said daily maximum withdrawal from ATM would now be N20,000.

The bank said this was in line with the cashless policy of the federal government.

According to the memo, further to the launch of the redesigned naira notes by the President, Major General Muhammadu Buhari (retd.), on Wednesday, November 23, 2022, and in line with the cashless policy of the CBN, all deposit money banks and other financial institutions are hereby directed to note and comply with the new move.


“The maximum cash withdrawal over the counter by individuals and corporate organisations per week shall henceforth be N100,000 and N500,000 respectively. Withdrawals above these limits shall attract processing fees of 5% and 10%, respectively.

“Third-party cheques above N50,000 shall not be eligible for payment over the counter, while extant limits of N10,000,000 on clearing cheques still subsist.

“The maximum cash withdrawal per week via Automated Teller Machine shall be N100,000 subject to a maximum of N20,000 cash withdrawal per day,” the memo said.

The CBN added that only denominations of N200 and below shall be loaded into the ATMs, saying that the maximum cash withdrawal via the point of sale terminal shall be N20,000 daily.