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Nigeria Senate to Debate CBN’s Cash Withdrawal Limits on  Wednesday

The apex bank has limited maximum cash withdrawal limit for individuals to N100,000 and corporate bodies to N500,000 per week.

Ahmad Lawan

Nigeria’s Senate on Tuesday agreed to debate the CBN’s cash withdrawal limits on Wednesday.

The apex bank had limited maximum cash withdrawal limit for individuals to N100,000 and corporate bodies to N500,000 per week.

The Senate President, Ahmad Lawan, disclosed this during plenary, following a point of order by the Senator representing Ekiti North Senatorial District, Olubunmi Adetunmbi.

The Senator drew the attention of his colleagues to the absence of the Chairman of the Committee on Banking, Insurance, And Other Financial Institutions, Senator Uba Sani, from the chamber.

Adetunmbi, who is also a member of the Committee, said the panel Chairman was billed to present the report of the screening exercise conducted for the two CBN Deputy Governor-nominees – Mrs Aishat Ahmad, and Mr. Edward Lametek Adamu.

Both Ahmad and Adamu, were recently reappointed by President Muhammadu Buhari who requested the Senate’s screening and confirmation for their second and final tenure at the apex bank

Ahmad, who is the CBN Deputy Governor on Financial System Stability , had explained details of the policy to the panel during the screening last week Friday, when she and her colleague, appeared for screening.

Details of the explanation given by the CBN Chief was to be presented for debate alongside the screening exercise yesterday by the senators.

However, Adetunmbi said the debate could not take place again because the Panel Chairman, who is the All Progressives Congress Governorship candidate for Kaduna State, Senator Uba Sani was in his state for the party’s presidential campaign rally.

Adetumbi said, “Exactly a week ago the senate resolved that the committee on banking and financial institutions should come forth today to report on the enquiries that it was mandated to make of the new policy of the Central Bank on the withdrawal limit.

“The committee was specifically mandated to interrogate these issues based on the concern that was expressed in the chamber, with the two deputy governors that were coming for clearance.

“This took place on Thursday last week. Two candidates came for clearance and the issues were thoroughly looked into especially in the opening remarks of the chairman.

“He specifically reported that the senate the they made the two deputy governors to elaborate on the issue the rationale behind this policy in view of the massive public reaction to that policy. 

“The deputy governors gave elaborate explanation and the committee also requested for further evidence in terms of documented reports that were that will enable the committee to fully understand the issues behind this policy during the plenary appropriately.

“Unfortunately the report is not ready today because the chairman of the committee is busy on political assignment where has will receive very special politicians in the presidential  he is coming tomorrow to present the formal report of the committee,” he stated.

Adetunmbi’s explanation did not go down well with the Senator representing the Bauchi North Senatorial District, Adamu Bulkachuwa.

The Senator said the fact that the panel didn’t submit its report should not stop the Senate Debate on the CBN Nara withdrawal limit policy.

He said, “We should not allow this thing to be swept under the carpet, it is a very serious issue and Nigerians are waiting to see what the Senate will do like the House or Representatives.

“The House of Representatives have asked the Governor of the Central Bank to stay action on this, leaving it till tomorrow is giving him another and another excuse and I urge this Senate to discuss this thing today. “

The Senate President ruled Bulkachuwa out of order and insisted that the matter would be debated today.

Lawan said, “I don’t think it is fair to say we are sweeping the matter under the carpet. To sweep something under the carpet in my understanding means to avoid it. 

“Nobody here suggest by action or inaction that we are avoiding discussion on this matter.

“I think it is appropriate to give the Chairman of the Committee opportunity to come and present his report personally and Senator Adetumbi is a member of the Banking Committee.

“The Vice of the Committee who is the Chief Whip is here and they are all in attendance.

“They have something to tell us.  The Chairman want to present the report himself and when he does that, we will be better informed and we can take appropriate action. 

“Tomorrow is less than 24 hours by the grace of God. Please distinguished Senator Adamu Bulkachuwa, I want you to be present so that if there is anything that you want all of us to know even as all of us here feel strong about this.

“If we are going to debate it, let’s do that on the basis of information because that is when we can argue it and say no, stop it because of superior argument.  So, let’s not doubt our sincerity here. “