N100,000 Cash Withdrawal Policy Introduced Since 2012 – CBN

Reading Time: 2 minutes

The Central Bank of Nigeria, CBN, Friday told the Senate that the planned policy of the Central Bank of Nigeria ( CBN) to limit cash withdrawal for individuals at N100,000 and Corporate Bodies N500,000 per week was introduced in 2012 during former President Goodluck Jonathan‘s administration, extended to Abuja and six other States in 2013.

Speaking yesterday when she appeared before Senator Uba Sani, APC, Kaduna Central led Senate Committee on Banking, Insurance and other Financial Institutions, the Deputy Governor of CBN on Financial System Stability, Mrs. Aishat Ahmad said that the cashless policy being fully implemented by CBN now is not new, as required steps in that direction, was taken in 2012 with Lagos State as a pilot scheme and Abuja and Six other states in 2013.

She however said that the Apex bank was flexible and will be ready to accommodate opinions that will not make the policy strenuous to any category of Nigerians during implementation

Her disclosure is coming on the heels of controversies surrounding the planned policy by the apex bank.

The CBN Deputy Governor spoke yesterday during the screening exercise carried out on her and her counterparts on Corporate Services, Edward Lametek Adamu for re – appointments by the Senate Committee on Banking, Insurance and other Financial Institutions.

Ahmed who noted that though full implementation of the policy has not been carried out by CBN since then, said that its introduction thenhas brought a lot of transformation in the banking and payment system, adding, ” Distinguished Chairman of this committee and members, I ‘m happy for the opportunity given to make presentations on planned N100,000 withdraw limit for individuals and N500, 000 for Corporate Bodies per week , beginning from 9th January , 2023 , in line with cashless policy introduced in 2012.

“Based on information available to CBN, the time for full implementation of the policy with proposed limit on cash withdrawals per week is now.

“Required infrastruture for its implementation in terms of financial access point system , mobile money , e – naira etc , are available across the 774 local government councils in the country.

“All fears and worries being expressed by Nigerians on the planned limited cash withdrawal policy are seriously being taken care of as nobody or section of Nigerians , will be left out.

“In the past , banking transactions in Nigeria was limited to Bank Branches alone as the only means , which has now expanded into multiple electronic platforms as well as geometrical increase in the number of agents from 88,000 to 1.4million.”

Soon after the presentation, Chairman of the Committee, Senator Uba Sani gave the two nominees take a bow and go treatment as moved by the Whip of the Senate , Senator Orji Uzor Kalu, APC, Abia North and seconded by Senator Danjuma Goje, APC, Gombe Central

In his remarks, Senator Uba Sani said, ” With presentation made by the Deputy Governor of CBN on Financial System Stability , Aisha Ndanusa Ahmad on the planned limited cash withdrawal , required information on the merits of the policy has been given and will be communicated to the Senate in plenary through our report.

“The two Deputy Governors , having earlier been screened before serving their first tenures , need not to again as unanimously agreed by members of the Committee. They should therefore take a bow and go.”