Senate to debate cash withdrawal policy on Wednesday

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The Senate postponed its debate on the new Central Bank of Nigeria (CBN) cash withdrawal policy until Wednesday, December 14, 2022.

This is due to the absence of the Chairman of the Banking and Finance Committee, Mr. Uba Sani, who is attending the All Progressives Congress (APC) presidential rally in Kaduna.

A member of the Committee, Mr. Olubunmi Adetumbi, on a Point of Order, told his colleagues that the report, which was due to be presented in plenary on Tuesday, had to be withheld because Mr. Sani was at the APC rally. in Kaduna.

Mr. Adetumbi assured the Senate that the Committee’s report on CBN withdrawal policy was ready, noting that the committee chair had to attend the APC zonal rally in his capacity as the party’s gubernatorial candidate in the state of Kaduna.

In response, Senate President Ahmad Lawan called on lawmakers to be patient as the panel’s findings will be released within 24 hours.

Mr. Sani is also expected to brief his colleagues on the outcome of the selection of Mr. Edward Adamu and Ms. Aisha Ahmad as CBN Deputy Governors.

However, another lawmaker, Mr Muhammed Bulkachuwa, warned that the Senate should not sweep the issue under the rug due to the importance of the policy, noting that the House of Representatives invited CBN Governor Mr Godwin Emefiele, to appear before the Chamber. to discuss politics.

Remember that last week, Banks run by CBN to ensure that weekly over-the-counter (OTC) cash withdrawals by individuals and legal entities do not exceed N100,000 and N500,000 respectively.

The lender also said that the maximum daily withdrawals via ATMs and point-of-sale (PoS) terminals would be N20,000 daily and N100,000 weekly.

The CBN said the new policy follows President Muhammadu Buhari’s launch of the redesigned N200, N500 and N1,000 banknotes on November 23, 2022.

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