SENATORS have voiced concerns over the Central Bank of Nigeria’s (CBN) new withdrawal policy.
According to the new withdrawal policy, the apex bank has set weekly limits of N100,000 and N500,000 as the maximum amount of cash that can be withdrawn over the counter (OTC) by both individuals and business organizations.
The Senate Minority Leader Phillip Aduda (PDP, FCT) had, during today’s plenary called the attention of his colleagues to the new policy while seconding a motion that the nominations of Mrs Aishah Ahmad and Mr Edward Lametek Adamu as deputy governors of CBN be referred to the committee for screening.
Aduda warned against implementing the cash withdrawal cap because it would have an impact on the economy of the nation.
He said, “Our commerce, I think, is not is not ready for this and our economy cannot take this shock.
“There is a need for us to speak about it because people are suffering and it is a very serious issue.”
Senator Gabriel Suswam (PDP, Benue) also urged the Senate to debate the policy immediately for the sake of Nigerians, whom, he said, were extremely worried.
Suswam said, “My phone was inundated by calls from constituents, who are outside the former sector. People are extremely worried. You should have allowed us to discuss this issue for the sake of Nigerians.”
In response, Senate President Ahmad Lawan warned the CBN against implementing the policy abruptly because many Nigerians would be impacted.
He added that the CBN should be contacted in order to learn more about the policy.
He therefore directed the Senate committee on banking, insurance and other financial institutions to discuss the matter during the screening of the CBN deputy governors.
According to Lawan the new CBN policy will be thoroughly discussed next Tuesday.
He said, “At the moment, I will advise that these two deputy governors had been in the CBN for the past four years. So they are part of this system. They are not new people.
“This should be part of the major issues to be raised when they appear for screening.
“I want us to be properly informed and guided. Most of us, if not all of us have not had an engagement with that institution.
“My personal opinion is, if we want to be a cashless society, we should take time to be cashless society and not to jump on it at once. Most Nigerians will be out of business.
“But we need to take the opportunity of the screening to be better informed on the policy.”
