Lawmakers had scheduled a debate on the apex bank’s new withdrawal limit for this coming Tuesday, as was stated last week.
Once the regulation goes into effect on January 9, 2023, individuals and businesses will be limited to withdrawing N100,000 and N500,000 from ATMs each week, respectively. It also mandated that bank ATMs be stocked with only N200 notes and lower.
It recommended a weekly limit of N100,000 for ATM cash withdrawals, with a daily cap of N20,000.
On Wednesday of last week, the Central Bank of Nigeria (CBN) instructed its Committee on Banking and Finance to investigate the Policy and vet President Muhammadu Buhari’s renominated Deputy Governors before submitting their names to Congress for approval.
But when plenary resumed on Tuesday, Senator Olubunmi Adetumbi informed his colleagues that the report couldn’t be delivered since the committee’s chairman, Uba Sani, was in Kaduna for an All Progressives Congress (APC) presidential rally.
Adetumbi reassured the Senate that the Committee on CBN Withdrawal Policy’s report is complete. However, he did note that the committee’s chairman had to attend the APC Zonal rally in his role as the governorship candidate of Kaduna State.
In response, Senate President Ahmad Lawan urged legislators to wait until the next day for the release of the committee’s conclusions.
In addition, Uba will need to update his fellow CBN officials on the results of the background checks conducted on Edward Adamu and Aisha Ahmad.
