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Senate Postpones Debate On CBN Withdrawal Limits  

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

The lawmakers had last week fixed Tuesday to debate the cash withdrawal limit announced by the apex bank.

According to policy  which takes effect from January 9  2023, an over-the-counter cash withdrawals by individuals and corporate entities will not exceed N100, 000 and N500, 000, respectively, per week. It also directed that only N200 and lower denominations be loaded into banks’ ATMs.

It said the maximum cash withdrawal per week via ATM should be N100,000 subject to a maximum of N20,000 cash withdrawal per day.

The CBN had last week Wednesday directed its Committee on Banking and Finance, to interrogate the Policy while screening the two Deputy Governors renominated  by President Muhammadu Buhari for confirmation  by the lawmakers. 

But at resumption of Plenary on Tuesday, a member of the Committee,  Senator Olubunmi Adetumbi, told his colleagues that the report which was to be presented at  plenary had to be withheld because its chairman, Uba Sani, is attending the All Progressives Congress (APC) presidential rally in Kaduna

Adetumbi 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 Zonal rally in his capacity as governorship candidate of Kaduna State.

Responding, Senate President Ahmad Lawan, appealed to lawmakers to be patient as the findings of the Committee will be unveiled within 24 hours.

Uba is also expected to brief his colleagues on the outcome of the screening of Edward Adamu and Aisha Ahmad as deputy governors of the CBN.



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