Nigerian MPs push to scrap cash withdrawal limits

Nigerian lawmakers have summoned the country’s central bank governor over the implementation of a recently introduced policy that restricts cash withdrawals.

The policy seeks to promote cashless transactions in Africa’s biggest economy after it launched new banknotes.

Last week the bank limited weekly over-the-counter cash withdrawals at 100,000 naira ($225) and 500,000 naira ($1,125) for individuals and businesses respectively.

Withdrawals at ATMs were limited at 20,000 naira daily and 100,000 naira weekly.

The new policy takes effect from 9 January.

Parliament resolved to have the central bank governor, Godwin Emefiele, appear before it next Thursday and have asked for the new cash withdrawal policy to be suspended.

With BBC