Nigerian Senators have expressed reservations over the new policy of the Central Bank of Nigeria (CBN) on cash withdrawals with a plan to debate it next Tuesday.


The CBN in a statement issued yesterday restricted the maximum cash withdrawal over the counter (OTC) by individuals and corporate organisations per week to N100,000 and N500,000 respectively.


Reacting to the policy, Senate Minority Leader, Phillip Aduda during plenary called for caution on the cash withdrawal limit, saying the policy would affect the country’s economy.


He was backed by Senator Gabriel Suswam who urged the Senate to debate the policy immediately for the sake of Nigerians, whom, he said, were extremely worried.

Subsequently, President of the Senate, Ahmad Lawan cautioned the CBN not to approach the policy by jumping into it at once, adding that there was the need to engage the apex bank to get more details on the policy.

He also directed the Senate committee on banking, insurance and other financial institutions to discuss the matter during the screening of the CBN deputy governors – Mrs Aishah Ahmad and Mr Edward Adamu who have been reappointed by President Muhammadu Buhari.


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