Senators yesterday expressed reservation over the new Central Bank Nigeria (CBN) policy on cash withdrawals, saying it would make many businesses to collapse in the country.
The apex bank, under the new withdrawal policy which was announced on Tuesday, had restricted the maximum cash withdrawal over the counter (OTC) by individuals and corporate organisations per week to N100,000 and N500,000 respectively. It had also limited individual Point of Service (PoS) withdrawal to N20, 000 per day.
Via a circular titled ‘Naira Redesign Policy – Revised Cash Withdrawal’, the CBN had said the policy would take effect on January 9, 2023.
Daily Trust reports that mixed reactions have been trailing the policy since its announcement.
Policy to collapse businesses – Senators
Senate Minority Leader Phillip Aduda (PDP, FCT) had, during Wednesday’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 CBN Deputy Governors be referred to the committee for screening.
Aduda called for caution on the cash withdrawal limit, saying the policy would hurt the country’s economy.
“Our commerce, I think, is not is not ready for this and our economy cannot take this shock.
“There is need for us to speak about it because people are suffering and it is a very serious issue,” he said.
Corroborating Aduda’s position, Senator Gabriel Suswam (PDP, Benue) asked the Senate to debate the policy immediately for the sake of Nigerians, whom, he said, were extremely worried.
“My phone was inundated by calls from constituents, who are outside the formal sector. People are extremely worried. You should have allowed us to discuss this issue for the sake of Nigerians,” he said.
We can’t go cashless in a hurry – Lawan
In his remarks during the plenary, Senate President Ahmad Lawan cautioned the CBN not to approach the policy by jumping into it at once, saying many Nigerians would be affected.
He further noted that there was the need for the National Assembly to engage the CBN to get more details on 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.
