Senate postpones debate on CBN’s cash withdrawal limits

The Senate has shifted its debate on the Central Bank of Nigeria (CBN) new policy on cash withdrawals till Wednesday, December 14, 2022.

The Senate said the postponement was over the absence of the Chairman of the Committee on Banking and Finance, Sen. Uba Sani, who is away attending the All Progressives Congress (APC) presidential campaign in Kaduna State.

A member of the committee, Sen. Olubunmi Adetumbi (Ekiti-North), said the report which was to be presented at the plenary on Tuesday had to be withheld because Sani is attending the APC rally in Kaduna.

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Adetumbi, however, 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 presidential rally as the party’s governorship candidate in Kaduna State.

It would be recalled that the CBN, last Tuesday, announced N500,000 as the maximum withdrawal by corporate organisations and N100,000 by individuals with effect from January 9, 2023.

The apex bank also limited daily cash withdrawal at Point of Sale (PoS) terminals to N20,000.

It ordered banks to load only N200 and lower denominations into their Automated Teller Machine (ATM), noting that the move was in line with its cashless policy.

The Star