Senate Yet To Take Decision On CBN’s Cash Withdrawal Limit – Lawmaker

Senator Matthew Urhoghide says the upper chamber has not taken any decision on the cash withdrawal limit recently announced by the Central Bank of Nigeria (CBN).

Senator Uroghide disclosed this on Channels Television Politics Today, explaining that the upper legislative chamber is waiting for a recommendation from its committee that was asked to look into the matter.

“I want to say right away, yes this matter broke on the floor of the Senate; there were contributions that were made by members and of course where it was rested with the two directors (of the CBN) whose names have come through executive communication by the President, the members of the committee were asked to interrogate them on this issue and then come up with a recommendation to the Senate,” the Chairman of the Public Accounts Committee of the Senate said on Monday.

“So, the Senate, let me put it clearly has not taken a decision on this matter and we are waiting for the committee to report back this week on their findings on whatever contributions that were made by those two directors that were screened by the committee for confirmation of appointment,” the lawmaker added.

While admitting that the CBN has the exclusive preserve to come up with such policies by virtue of the statute establishing it, the Edo lawmaker said that if the move is not meeting the aspirations of the people, the legislators will review it.

His comment is coming days after the CBN ordered Deposit Money Banks (DMOs) and other financial institutions to ensure that weekly over-the-counter (OTC) cash withdrawals by individuals and corporate entities do not exceed N100,000 and N500,000, respectively.

The apex bank said the regulatory directives take effect nationwide from January 9, 2023. The CBN also fixed daily maximum withdrawals via the point of sale (PoS) terminal at N20,000.

In a quick reaction to the CBN announcement, the Senate raised concerns and demanded for caution by the CBN as the new policy will affect many Nigerians, especially small business owners. The lawmakers later set Tuesday (tomorrow) to debate the new policy.