CBN New Money Policy
The Central Bank of Nigeria CBN has directed all commercial banks and other financial institutions to inform their respective customers, that from January 9th 2023, it will be difficult withdrawing above 100,000 weekly for individual and 500,000 for corporate establishment. In a new twist, the house of representatives speaker directed the central bank to suspend the directive to commercial banks to enable proper briefing on the matter. Angry with the N100,000 weekly cash withdrawal limits recently set by the Central Bank of Nigeria (CBN) and its attendant economic and social challenges, the House of Representatives at Thursday plenary asked the Governor, Mr. Godwin Emefiele to suspend implementation of the policy. Emefiele was asked to cause an appearance Thursday next week to explain to the House on the impact and significance of the new policy.