In response to public outcry over its proposed weekly withdrawal on cashless policy, the Senate has urged the Central Bank of Nigeria to significantly adjust withdrawal limits.
According to The News Agency of Nigeria, the Senate passed its resolution after the Committee on Banking, Insurance, and Other Financial Matters adopted its recommendations regarding the Central Bank of Nigeria’s most recent cash withdrawal limit policy.
It also resolved to assist the CBN in the ongoing implementation of transformational payments and financial industry initiatives in accordance with the CBN Act.
Chairman of the committee, Uba Sani (APC-Kaduna), while presenting the report of the committee, said there are many misconceptions about the cashless polic
He stated that the currency denominations of N5, N10, N50, and N100 were not affected by the naira redesign policy and could be used throughout the country.
According to him, no processing fees are currently applied to cash deposits, and that unlimited amounts can be deposited without charge to allow for the seamless and unrestricted deposit of notes affected by currency redesign.
Sani stated that significant progress had been made in the Nigerian payment system since the cashless policy was implemented in 2012.
He also claimed that Nigeria had been named Africa’s undisputed leader in real-time and digital payments in 2021.