Some Senators Oppose The CBN’s Weekly Withdrawal Limit Of N100,000

Some Senators Oppose The CBN’s Weekly Withdrawal Limit Of N100,000

Some lawmakers in the upper chamber Wednesday kicked against plans by the Central Bank of Nigeria (CBN), to limit cash withdrawal by individuals to N100,000 and Corporate bodies to N500,000 per week from January 9, 2023

This followed a motion on the floor of the Senate on Wednesday by the senate minority leader Senator Philip Aduda (PDP FCT) lamenting that the Nigerian economy is not ready for the new CBN directive as its impact will negatively affect the poor and vulnerable in society.

He added that the limited number of banks especially in the rural areas may not be able to cater for the number of persons in the rural areas

The president of the senate Ahmed lawan in his contribution said if the country wants to be a cashless society, it should be a gradual process and the CBN should not jump at it, adding that a section of Nigerians will be negatively impacted by the policy especially small scale businesses.

Lawan mandated the senate committee on banking to screen the re – appointed Deputy Governors of the Central Bank, with a major focus on the planned policy.

Senator Suswan (Benue North East) also reacting to the motion, appealed to the president of the senate to allow the lawmakers to properly deliberate on the CBN New directive on withdrawals, as several calls from his constituency has inundated his phone

However, Ahmad lawan declined his request noting that the matter would be deliberated next week Tuesday to allow senators properly research on the policy

Source: AIT News