The Nigerian Senate has asked the Central Bank of Nigeria (CBN) to extend the deadline on old naira notes withdrawal from 31st January to 30th June 2023.
This was revealed by the Nigerian Senate during a plenary session on Wednesday. The motion by Senator Ali Ndume.
This was disclosed by the Nigerian Senate during Wednesday’s plenary session, in a motion by Senator Ali Ndume.
According to Ndume, he cited Orders 41 and 51. This is to seek the leave of the Senate to make a motion on the urgent need to extend the withdrawal of old currency from circulation.
Also supporting his motion, Senator Aliyu Wammako said;
“The timing needs to be extended to allow every Nigerian to play his/her own role. I support the motion that this withdrawal date is extended to June 30th 2023.”
The Central Bank of Nigeria, (CBN), revised the cash withdrawal limits for individuals and corporate organizations. Both individual and corporate organizations will be able to withdraw N500,000 and N5 million, respectively.
Recall that individual CBN cash withdrawal limit per week was N100,000, while corporate organizations were limited to weekly withdrawals of N500,000.
The review was decided after the National Assembly asked the apex bank to considerably adjust the withdrawal limit. This is in response to the outcry of Nigerians.
The new directive communicated through a letter addressed to all banks, was signed on Wednesday by the Director of Banking Supervision, Haruna Mustafa.
To qualify for this exception, individuals and corporate organizations must provide the following information:
- Valid means of identification
- Bank verification number of payee (BVN)
- Tax Identification Number (TIN) of both the payee and the payer.
- Notarized declaration by the customer stating the reason for the excess cash withdrawal.
- Written approval by the Managing Directors for drawees withdrawing on behalf of companies.
- The CEO of banks must authorize such withdrawals in writing.