Barely 25 days to the take-off of the Central Bank of Nigeria (CBN) cash withdrawal limit policy, the upper chamber of Nigeria’s lawmaking body has insisted on an upward review of the policy.

Recall that the CBN cash withdrawal limit policy is billed to take off on January 9, 2023.

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The Senate has called for an upward review of the policy with respect to concern rising from some quarters over the withdrawal limits of N100,000 per week for individuals and N500, 000 per week for corporate bodies.

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According to the red chamber, the policy, in its present form, could spark unrest and revolt among Nigerians, especially those in the rural areas if not properly managed. It also directed its Committee on Banking, Insurance and other Financial Institutions to embark on aggressive oversight of CBN to ensure flexible adjustment of the withdrawal limits and to periodically report outcome to the Senate.

They however, supported the CBN in its continuous implementation of transformational payments and financial industry initiatives.

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The Senate adopted the resolutions after heated debate by Senators on the proposed policy during consideration and adoption of a report of its Committee on Banking, Insurance and other Financial Institutions.

The chairman of the Committee, Senator Uba Sani (APC Kaduna Central), had in the report argued that the planned cash  withdrawal limit was a well-conceived idea by the CBN for transformation of the nation’s economy and that the action falls within the  mandate of the apex bank as provided for in section 2(d) and 47 of its extant Act.

Senator Adamu Aliero (PDP, Kebbi Central), in his own contribution, said the picture painted by the committee is nothing but an ideal picture of what the economy should be, which is far cry from what the economy is in reality as far as Nigeria is concerned.

The proposed CBN policy does not capture the informal sector and is very detrimental to the livelihoods of rural dwellers who are not into e-banking.

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“Public outcry against the policy is too much, requiring serious caution as far as implementation is concerned because Nigeria’s economy is predominantly rural”, he said.

Senator Adamu Bulkachuwa (PDP, Bauchi North) warned that the proposed policy, if not suspended, may trigger revolt from rural dwellers.

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He said recommendations made by the Senate Committee on Banking on the policy which were later adopted as resolutions made no sense to him.

“Senate committee recommendations on the proposed CBN policy, is nothing but trying to pull wool over the eyes of Nigerians”, he said.

Even Senator Orji Uzor Kalu (APC Abia North), who as a member of the Committee and signed the adopted report, kicked against it in his contribution.

He said: “N100,000 per week for individuals and N500,000 per week for corporate bodies are too small. The N500, 000 per day for individuals and N3 million per day for corporate bodies being implemented in Abia, Lagos, Ogun, Rivers, FCT, etc, should be sustained across the country for now.”

Other Senators who kicked against implementation of the policy, as planned from January 9, 2023, were Biodun Olujimi (PDP, Ekiti South), Chukwuka Utazi (PDP, Enugu North), Stella Oduah (PDP, Anambra North), and Ibrahim Hassan Hadeija (APC, Jigawa North East) among others.

However, Senators Yusuf A. Yusuf (APC, Taraba Central), Degi  Eremienyo (APC, Bayelsa East), Francis Alimikhena (PDP, Edo North) supported it in their separate contributions.

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