Senate to Debate Cash Withdrawal Policy Wednesday

By Adedapo Adesanya

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

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

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

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

Responding, the Senate President, Mr Ahmad Lawan, appealed to lawmakers to be patient as the findings of the panel would be unveiled within 24 hours.

Mr Sani is also expected to brief his colleagues on the outcome of the screening of Mr Edward Adamu and Mrs Aisha Ahmad as deputy governors of the CBN.

However, another lawmaker, Mr Muhammed Bulkachuwa, warned that the Senate should not sweep the issue under the carpet because of the significance of the policy, noting that the House of Representatives has invited the CBN Governor, Mr Godwin Emefiele, to appear before the House to discuss the policy.

Recall that last week, CBN directed banks to ensure that weekly over-the-counter (OTC) cash withdrawals by individuals and corporate entities do not exceed N100,000 and N500,000, respectively.

The lender also said maximum daily withdrawals via Automated Teller Machines (ATMs), and Point Of Sale (PoS) terminals would be N20,000 daily and N100,000 weekly.

The CBN said the new policy is a sequel to the launch of the redesigned N200, N500 and N1,000 notes by President Muhammadu Buhari on November 23, 2022.