NIGERIAN NEWSPAPER FRONT PAGES: 8 December 2022

Via Naija News:

The PUNCH: The Senate will on Friday grill two deputy governors of the Central Bank of Nigeria over the cash withdrawal limit policy unveiled by the apex bank on Tuesday. The red chamber planned to seek clarifications on the new directive which restricts over-the-counter cash withdrawal by individuals and organisations to N100,000 and N500,000, respectively, per week. It also limits cash withdrawals via point-of-sale machines and automated teller machines to N20,000 daily and N100,000 weekly, respectively.

The Guardian: 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.

This Day: The Nigerian National Petroleum Company (NNPC) Limited yesterday reaffirmed that with the return of Forcados and partial restoration of the Trans Niger Pipeline (TNP), Nigeria’s oil production had hit 1.6 million barrels per day (mbpd). NNPC explained how the national oil company was able to ramp up crude oil production, which had fallen significantly, with the collaboration of the security agencies, regulators, oil producing communities, and other stakeholders.

The Nation: Business, finance experts and other stakeholders were sharply divided on the implications and timing of the new cash withdrawal limits by the Central Bank of Nigeria (CBN). They are concerned that the new policy might worsen the tight economic environment.

Daily Trust: Senators yesterday expressed reservation over the new Central Bank Nigeria (CBN) policy on cash withdrawals, saying it would make many businesses to collapse in the country. The apex bank, under the new withdrawal policy which was announced on Tuesday, had restricted the maximum cash withdrawal over the counter (OTC) by individuals and corporate organisations per week to N100,000 and N500,000 respectively. It had also limited individual Point of Service (PoS) withdrawal to N20, 000 per day.