Outrage in Nigeria over weekly cash withdrawal limit

By Olanrewaju Kola

ABUJA, Nigeria (AA) - Nigerians on Friday voiced indignation over cash withdrawal limits introduced by the country's Central Bank.

The measure set the weekly maximum withdrawals from banks and commercial institutions to 100,000 Nigerian nairas (about $225) for individuals and 500,000 nairas (about $1,125) for corporations.

According to Simon Luka, a grain merchant based in the capital Abuja the measure is "unfair."

"The policy is a punishment to us. Most of the local farmers don't use banks and how am I to pay them when I buy goods from them?" he told Anadolu Agency.

The Central Bank announced the new policy on Tuesday to become effective on Jan. 9, 2023.

It said the aim of the limit was to electronic transactions more widespread in the country.

Lawmakers were outraged at a session on Thursday, calling for the immediate suspension of the policy.

The Federal House of Representatives summoned Central Bank Governor Godwin Emefiele to appear before the assembly next week for questions.