Senate rejects CBN's policy of N100,000 withdrawal per week

By Editor

The Senate has rejected plans  by the Central Bank of Nigeria ( CBN) to  limit cash withdrawal by any individual to N100,000 and Corporate bodies to N500,000 per week from January 9, 2023.

Trouble for the planned N100, 000 withdrawal per person per week reared its head on Wednesday when there was  an attempted motion by Senate Minority Leader, Senator Philip Tanimu Aduda, PDP, FCT.

Senator Aduda in the aborted motion, sought for debate from all senators on the planned policy before the President of the Senate , Ahmad Lawan intercepted him that it was too early to debate the policy.

However, Lawan while stopping the Minority leader said : " As good as the cashless policy may be , it shouldn't be jumped at , at once. The way CBN is going about the policy , many Nigerians would be cut off and that won't be accepted. 

"Motion on the policy will be thoroughly debated in Senate on Tuesday next week after adequate information has been gotten on it.

"Before Tuesday next week, our committee on Banking , Insurance and other Financial Institutions mandated to screen the re - appointed Deputy Governors of Central Bank , should focus its questions on the planned policy.

" The CBN Deputy Governors must be thoroughly drilled on the policy after which extensive debate on it will be made by Senators on Tuesday next week.

"We have an opportunity to screen two nominees for the positions of Deputy Governor of the CBN. I think it is after their screening we should take this motion. These people are there in the CBN, why can’t they come tomorrow."

At this point, Senator Gabriel Suswam, PDP, Benue North East said, " I think you should have allowed us to discuss this motion for the sake of Nigerians."

Responding to Suswam, the President of the Senate said, " No distinguished there is a misunderstanding here. I told you what my personal opinion is. My personal opinion is this weekend is off. Maybe but we have an opportunity the Committee in Banking will be screening two deputy Governors of the CBN. This is one major issue they should raise with them. On Tuesday next week we can take a motion but let’s have something solid.