Senate postpones debate on CBN withdrawal limits

Following the absence of Senator Uba Sani, the Chairman of the Committee on Banking and Finance, the Senate has postponed its debate on the new Central Bank of Nigeria (CBN) cash withdrawal policy till 14th December 2022.

Why Uba Sani was absent: Senator Olubunmi Adetumbi, a member of the Committee in a Point of Order on Tuesday, December 13, 2022, explained that the report which was to be presented at the plenary had to be withheld because Sani is away for the All Progressive Congress (APC) rally in Kaduna.

What the Senate president said: The Senate President Ahmad Lawan, in his response, urged lawmakers to be patient as the findings of the Committee would be unveiled within 24 hours.

A lawmaker give stern warning: However, another lawmaker, Senator Bulkachuwa Muhammed, who warned that the Senate should not sweep the issue under the carpet because of its significance, also noted that the House of Representatives invited the CBN Governor, Godwin Emefiele to appear before the House to discuss the policy.

What had happened: The CBN had last week, pegged daily maximum withdrawals via Automated Teller Machines (ATMs) and Point Of Sale (PoS) terminals at N20,000.

What you should know: Also, Senator Uba is expected to give details on the outcome of the screening of Edward Adamu and Aisha Ahmad as deputy governors of the CBN.