The Senate will not debate the Central Bank of Nigeria‘s (CBN) cash withdrawal policy until Wednesday, December 14, 2022.
This is a result of Senator Uba Sani, the chairman of the committee on banking and finance, being absent since he is in Kaduna for the APC presidential rally.
In a Point of Order, Senator Olubunmi Adetumbi, a committee member, informed his colleagues that the report that was scheduled to be delivered at the plenary meeting on Tuesday had to be postponed because Sani was attending an APC rally in Kaduna.
Adetumbi gave the Senate his word that the committee’s report on the CBN withdrawal policy was finished, saying that the chairman of the committee had to attend the APC Zonal rally in his role as Kaduna State’s governor candidate.
In response, Senate President Ahmad Lawan urged legislators to exercise patience, saying that the Committee’s conclusions would be made public in a matter of days.
Additionally, Uba is anticipated to inform his coworkers of the results of the CBN deputy governors’ screening of Edward Adamu and Aisha Ahmad.
Senator Muhammed Bulkachuwa, another legislator, cautioned the Senate not to brush the matter under the rug due to the importance of the policy, saying that the House of Representatives had called CBN Governor Godwin Emefiele to testify before the House in order to examine the policy.
The CBN set the maximum daily withdrawals from ATMs and Point of Sale (PoS) terminals at N20,000 on Wednesday.
The CBN claimed that the new policy followed President Muhammadu Buhari’s November 23, 2022, introduction of the revised N200, N500, and N1,000 notes.
It instructed banks to make sure that corporate entities’ and individuals’ monthly over-the-counter (OTC) cash withdrawals did not exceed N100,000 and N500,000, respectively.