The decision of the Central Bank of Nigeria (CBN) to redesign Nigeria\u2019s naira notes has come under serious question and scrutiny by Nigerians. Nigerians have further questioned what seems to be an unexplained decision to restrict access to money in their accounts as announced by the CBN in a recent circular. <\/p>\n\n\n\n
The\nCentral Bank of Nigeria (CBN) on Tuesday, 6th<\/sup> December 2022, announced\nrevised cash withdrawal limits for individuals and corporate bodies, which will\ncome into effect on 9th<\/sup> January 2023. The revised withdrawal limits\npeg the amount of cash that can be withdrawn per week at N100,000 for\nindividuals and N500,000 for corporate organisations. The maximum amount for\ndaily cash withdrawal via Automated Teller Machine (ATM) and Point of Sale (POS)\nis now put at N20,000 and N100,000 weekly for ATM withdrawal. <\/p>\n\n\n\n The\nSenate at plenary on Wednesday, 7th<\/sup> December, deliberated on the\ndevelopment, raising concerns about its effect on Nigerians. The President of\nthe Senate directed the Senate Committee on Banking, Insurance and other\nFinancial Institutions which will be screening two re-appointed Deputy\nGovernors of the Central Bank, to query the appointees on the new policy. This\nis with a view to gathering more information ahead of an extensive deliberation\nof a motion on the subject by the Senate, scheduled for Tuesday, 13th<\/sup>\nDecember. <\/p>\n\n\n\n Reacting\nto the policy, the House of Representatives passed a resolution inviting the\nCBN Governor, Godwin Emefiele to appear before the House on 15th<\/sup> December\n2022 to provide explanations for the redesign of naira notes and the revised\ncash withdrawal limits. <\/p>\n\n\n\n Observers\nare left wondering whether these recent measures by the CBN are dictated by\neconomic reasons or influenced by political motives. <\/p>\n","protected":false},"excerpt":{"rendered":" The decision of the Central Bank of Nigeria (CBN) to redesign Nigeria\u2019s naira notes has come under serious question and scrutiny by Nigerians. Nigerians have further questioned what seems to be an unexplained decision to restrict access to money in their accounts as announced by the CBN in a recent circular. The Central Bank of […]<\/p>\n","protected":false},"author":2,"featured_media":3049,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[],"class_list":["post-3041","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/placng.org\/Legist\/wp-json\/wp\/v2\/posts\/3041","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/placng.org\/Legist\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/placng.org\/Legist\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/placng.org\/Legist\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/placng.org\/Legist\/wp-json\/wp\/v2\/comments?post=3041"}],"version-history":[{"count":1,"href":"https:\/\/placng.org\/Legist\/wp-json\/wp\/v2\/posts\/3041\/revisions"}],"predecessor-version":[{"id":3050,"href":"https:\/\/placng.org\/Legist\/wp-json\/wp\/v2\/posts\/3041\/revisions\/3050"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/placng.org\/Legist\/wp-json\/wp\/v2\/media\/3049"}],"wp:attachment":[{"href":"https:\/\/placng.org\/Legist\/wp-json\/wp\/v2\/media?parent=3041"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/placng.org\/Legist\/wp-json\/wp\/v2\/categories?post=3041"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/placng.org\/Legist\/wp-json\/wp\/v2\/tags?post=3041"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}