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Senate Postpones Debate On CBN Cash Withdrawal Limits

The Senate’s debate on the new Central Bank of Nigeria (CBN) cash withdrawal policy has been postponed to December 14th, 2022 due to the absence of the chairman of the Committee on Banking and Finance, Senator Uba Sani.

In a Point of Order on Tuesday, December 13th, Senator Olubunmi Adetumbi, a committee member, stated that the report that was scheduled to be delivered at the plenary had to be postponed because Sani was travelling to Kaduna for the All Progressive Congress (APC) rally.

In response, Senate President Ahmad Lawan advised lawmakers to exercise patience, as the Committee’s conclusions would be publicly disclosed in less than a day.

Senator Bulkachuwa Muhammed, another lawmaker, cautioned the Senate not to ignore the matter due to its importance and also mentioned that the House of Representatives had invited the Governor of the Central Bank of Nigeria, Godwin Emefiele, to testify before the House to discuss the policy.

Recall that last week, the CBN had placed the daily maximum withdrawals via Automated Teller Machines (ATMs) and Point Of Sale (PoS) terminals at N20,000.

Also, Senator Uba is expected to give details on the outcome of the screening of Edward Adamu and Aisha Ahmad as deputy governors of the CBN.

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