Senate Postpones Debate On CBN Cash Withdrawal Limits

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

This is due to the absence of Senator Uba Sani, Chairman of the Banking and Finance Committee, who is in Kaduna for the All Progressives Congress (APC) presidential rally.

Senator Olubunmi Adetumbi, a member of the Committee, informed his colleagues in a Point of Order that the report scheduled to be given at Tuesday’s plenary had to be postponed since Sani was in Kaduna for the APC rally.

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Adetumbi assured the Senate that the Committee’s report on the CBN withdrawal policy is ready, saying that the Committee’s chairman had to attend the APC Zonal rally in his role as Kaduna State’s governorship candidate.

Responding, Senate President Ahmad Lawan urged legislators to be patient, stating that the Committee’s conclusions would be released within 24 hours.

Uba is also anticipated to brief his colleagues on the results of the CBN’s selection of Edward Adamu and Aisha Ahmad as deputy governors.

Senator Muhammed Bulkachuwa, on the other hand, warned that the Senate should not throw the issue under the rug because of the policy’s importance, noting that the House of Representatives has invited the CBN Governor, Godwin Emefiele, to appear before the House to address the policy.

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The CBN set the maximum daily withdrawal limit for Automated Teller Machines (ATMs) and Point of Sale (PoS) terminals at N20,000 on Wednesday.

The CBN stated that the new policy follows President Muhammadu Buhari’s November 23, 2022 announcement of revised N200, N500, and N1,000 notes.

It urged banks to ensure that individuals’ and business entities’ monthly over-the-counter (OTC) cash withdrawals do not exceed N100,000 and N500,000, respectively.

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