Senate defers debate on new cash withdrawal limit to Tuesday

enate President Ahmad Lawan said the Upper Chamber would debate a motion on the merits and demerits of the policy of the Central Bank of Nigeria (CBN) limiting cash withdrawals per week to N100,000 and N500,000 for individuals and corporate organisations respectively.

The directive of the Senate President followed an attempt by the Minority Leader, Senator Philip Aduda, to cause the matter to be debated during plenary.

Aduda in a point of order called the attention of his colleagues to the new CBN policy and demanded caution saying it will affect many Nigerians, especially small business owners.

The Senate warned the CBN not to approach the cashless policy issue by jumping into it at once as many Nigerians would be affected.

Lawan, who appeared not to be in support of the policy, prevailed on Aduda to defer the matter till Tuesday next week: “As good as the cashless policy may be, it shouldn’t be jumped at, at once.

“The way CBN is going about the policy, many Nigerians would be cut off and that won’t be accepted.

“A motion on the policy will be thoroughly debated in Senate on Tuesday next week after adequate information has been gotten on it.”

Lawan also stopped Senator Gabriel Suswam from raising the issue on the floors.

Suswam, while rising on a point of order, said: “I think you should have allowed us to discuss this motion for the sake of Nigerians.”

Lawan said: “No distinguished, there is a misunderstanding here. I told you what my personal opinion is.

“My personal opinion is this weekend is off. Maybe but we have an opportunity the Committee on Banking that will be screening two deputy Governors of the CBN. This is one major issue they should raise with them.

“Before Tuesday next week, our committee on Banking, Insurance and other Financial Institutions mandated to screen the re-appointed Deputy Governors of Central Bank, should focus its questions on the planned policy.

“The CBN Deputy Governors must be thoroughly drilled on the policy after which extensive debate on it will be made by Senators on Tuesday next week.

“We have an opportunity to screen two nominees for the post of deputy Governor of the CBN. I think it is after their screening we should take this motion. These people are there in the CBN, why can’t they come tomorrow. On Tuesday next week we can take a motion but let’s have something solid.”

He directed the Senate Committee on Banking, Insurance and Other Financial Institutions to discuss the matter during the screening of the CBN’s Deputy Governors expected to hold before next week.

Under the new withdrawal policy, the CBN had restricted the maximum cash withdrawal over the counter (OTC) by individuals and corporate organisations per week to N100,000 and N500,000 respectively.

(Nation)