CBN’s Godwin Emefiele Snubs Lawmakers’ Request, Plans To Review Withdrawal Limit

The Central Bank of Nigeria (CBN) governor, Godwin Emefiele, has said there’s no plan to reverse the withdrawal limit issued to banks and other financial after protest from the House of Representatives.

Some members of the lower chamber had disagreed with the withdrawal policy, stating that it would have adverse consequences on Nigerians trying to access the financial system. 

During their plenary on Thursday, the Nigerian lawmakers told the central bank to suspend the withdrawal limit expected to take effect from January 9, 2023.

Recall that the CBN had disclosed that banks and other financial institution will no longer approve cash withdrawal above N100,000 for individuals over-the-counter, and companies can only withdraw a maximum N500,000.

Other changes in the withdrawal policy includes cut in Auto Teller Machine (ATM) and Points of Sale (PoS) which will now dispense maximum of N20,000 per day. 

Review of policy possible, CBN rejects reversal

In an interview with journalists on November 9, Emefiele said he has the full backing of President Muhammadu Buhari, so the withdrawal limit will not be suspended. 

However, he said there’s an option of reviewing the policy, as the central bank won’t be rigid, “We will be reviewing from time to time how this is working because I cannot say that we are going to be rigid. 

“But it is not to say that we will reverse, it is not to say that we will change the timing, but whether it is about tricking (sic) some amount to be a little bit higher or a little bit lower, and all the rest of them. 

“We will do so because we are humans, we want to make sure that we are making life good for our people. We do not want to make life difficult for them. 

“So, there is no need for anybody to worry, the central bank is monitoring what is happening and I can assure everyone that we are up and alive to our responsibilities and we will do what is right for Nigeria and Nigerians. 

“We think, Nigeria as a big country, the biggest economy in Africa, that we need to leapfrog into the cashless economy. 

“We cannot continue to allow a situation where over 85 percent of the cash that is in circulation is outside the bank. More and more countries that are embracing digitisation have gone cashless.”