The Nigerian Senate has scheduled next Tuesday to debate a motion on the new policy of the Central Bank of Nigeria which limits weekly cash withdrawal to N100,000.
This was after a failed attempt by Senator representing the FCT, Phillip Aduda, seeking to address some concerns that have trailed the new policy that seeks to limit cash withdrawal by any individual to N100,000 and Corporate bodies to N500,000 per week from January 9, 2023.
Recall that the Nigerian Senate had in an earlier debate resolved to invite the Governor of the Apex Bank Godwin Emiefele to respond to questions and concerns raised so far concerning its new policies.
The Central Bank of Nigeria had as part of the Cashless Policy introduced newly redesigned Naira notes which will become legal tender on the 15th of December and has also rolled out a series of measures aimed at accelerating the implementation of the Policy.
The measures as announced through a Circular signed by the Bank’s Director of Banking Supervision include A daily POS/ATM withdrawal limit of 20000 Naira, a Weekly withdrawal Limit of 100000 Naira for Individuals, 500000 Naira for Corporate organisations and the lowering of the Denominations of notes available through the Automated Teller Machines.
The measures have as expected been generating mixed reactions from different quarters and the decision of the Senate to debate it at plenary is a measure of how crucial the policy is.
While Economists like Samson Aboyeji of Honeytweet Academy in Southampton the United Kingdom has applauded the Policy as the way to go and a very good move by the Federal Government.
He also added that it will help in reducing insecurity, eradicate Crime and also create Millions of employment with the nations’ move towards a cashless and Digital Economy.
He added that it will also ensure that the cost of printing new notes regularly will be considerably reduced.
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