The debate on the cash withdrawal policy of the Central Bank of Nigeria (CBN) has been postponed until Wednesday, December 14, 2022, by the Nigerian Senate.
This is due to the absence of Senator Uba Sani, chairman of the Committee on Banking and Finance, who is in Kaduna for an All Progressives Congress (APC) presidential rally.
In a Point of Order, Senator Olubunmi Adetumbi informed his colleagues that Sani’s absence at the APC rally in Kaduna necessitated the postponement of the report scheduled for Tuesday’s plenary.
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Adetumbi assured the Senate that the Committee’s report on the CBN’s withdrawal policy is complete, noting that the Committee’s chairman had to attend the APC Zonal rally in his capacity as the Kaduna State governorship candidate.
In response, Senate President Ahmad Lawan urged legislators to be patient as the Committee’s conclusions will be released within 24 hours.
Uba is also due to brief his colleagues on the outcome of the CBN deputy governor screenings for Edward Adamu and Aisha Ahmad.
Senator Muhammed Bulkachuwa, on the other hand, cautioned that due to the importance of the policy, the Senate should not sweep the problem under the rug, noting that the House of Representatives has invited CBN Governor Godwin Emefiele to appear before the House to address the policy.
Recall that on Wednesday, the Central Bank of Nigeria (CBN) capped daily withdrawals from ATMs and Point of Sale (PoS) terminals at N20,000.
The Central Bank of Nigeria stated that the new policy is a result of President Muhammadu Buhari’s unveiling of the redesigned N200, N500, and N1,000 notes on November 23, 2022.
It instructed banks to limit over-the-counter (OTC) cash withdrawals by individuals and corporations to N100,000 and N500,000 per week, respectively.
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