The Senate has adjourned its debate on the cash withdrawal policy by the Central Bank of Nigeria (CBN) till Wednesday, December 14, 2022.
By Emma Ogbuehi
The Senate has adjourned its debate on the cash withdrawal policy by 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, Senator Uba Sani, who is away attending the All Progressives Congress (APC) presidential rally in Kaduna.
A member of the Committee, Senator 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 Sani is away at APC rally in Kaduna.
Adetumbi assured the Senate that the report of the Committee on the CBN withdrawal policy is ready, noting that the Committee’s chairman had to attend the APC Zonal rally in his capacity as governorship candidate of Kaduna State.
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Responding, Senate President Ahmad Lawan appealed to lawmakers to be patient as the findings of the Committee will be unveiled within 24 hours.
Uba is also expected to brief his colleagues on the outcome of the screening of Edward Adamu and Aisha Ahmad as deputy governors of the CBN.
However, another lawmaker, Senator 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, Godwin Emefiele to appear before the House to discuss the policy.
The CBN had sequel to the launch of the redesigned N200, N500 and N1,000 notes by President Muhammadu Buhari on November 23, 2022, last Wednesday pegged maximum daily withdrawals via Automated Teller Machines (ATMs) and Point Of Sale (PoS) terminals at N20,000.
It further 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.
However, not comfortable with the latest CBN policy, the Senate scheduled Tuesday, December 13, to debate the policy. The House of Representatives had on its own, called for the reversal of the directive.
The call came as the Nigeria Employers’ Consultative Association, NECA, also expressed concerns over the new CBN directive, saying there is “no gainsaying that the livelihood of many individuals and enterprise sustainability would be impacted.”
Reacting to the policy, Director-General of NECA’s Wale-Smatt Oyerinde, said “This new policy is diversionary and a mere distraction from the critical issues that are affecting the Nation. With the inflation rate hovering around 20 percent and over 100 million Nigerians in multidimensional poverty, the best that Government should do is not to further cripple the economic activities of Nigerians. It is no gainsaying that the livelihood of many individuals and enterprise sustainability would be impacted”.
Notwithstanding, the CBN Governor, Emefiele, has maintained that there is no going back on the policy.