Nigerian lawmakers have called the head of the central bank to testify over the application of a recently introduced rule that limits cash withdrawals.
After introducing new banknotes, the program aims to encourage cashless transactions in Africa’s largest economy.
Last week, the bank set a weekly cap on over-the-counter cash withdrawals for both people and businesses at 100,000 naira ($225) and 500,000 naira ($1,125), respectively.
ATM withdrawals were capped at 20,000 naira per day and 100,000 naira per week.
The new rule becomes operative on January 9. The central bank governor, Godwin Emefiele, was ordered by the parliament to appear before it on next Thursday and request that the new cash withdrawal regulation be suspended.
