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Senators, yesterday, expressed concerns over the new Central Bank of Nigeria (CBN) policy on cash withdrawal, which they observed might stifle economy.
The Senate will, however, debate a motion on the new policy next week, where the lawmakers are expected to make and adopt resolutions to either support or kick against it.
The new withdrawal policy of the apex bank slammed a restriction on maximum cash withdrawal over the counter (OTC) by individuals and corporate organisations per week, giving room for only N100,000 and N500,000 respectively, in a circular signed by the Director, Banking Supervision Department of CBN, Mr. Haruna Mustafa, to all deposit money banks (DMBs) and other financial institutions (OFIs).
