There have been nationwide mixed reactions over the CBN’s cash withdrawal policy which limits cash withdrawal for individuals to N100,000 per week and corporate bodies N500,000 per week.

The Nigerian Senate on Friday failed to interrogate the two newly re-appointed deputy governors of the Central Bank of Nigeria, Aisha Ahmad and Edward Adamu ,to give an explanation on the apex bank’s cash withdrawal limit policy.



https://saharareporters.com/2022/12/10/nigerian-senate-fails-grill-central-bank-deputy-governors-over-cash-withdrawal-limits


There have been nationwide mixed reactions over the CBN’s cash withdrawal policy which limits cash withdrawal for individuals to N100,000 per week and corporate bodies N500,000 per week.

On Wednesday at plenary, the Upper Chamber mandated the committee on Banking, Insurance and other Financial Institutions to get clarifications from the two CBN officials when they appeared for their re-appointment screening.

But when the two deputy governors appeared before the lawmakers on Friday, they told the Senate committee that it was high time the country embraced the policy.

PUNCH reports that the lawmakers merely asked the apex bank officials to explain the policy without further probing on the details of the policy.

Responding to the Senators, the CBN’s deputy governor on Financial System Stability, Ahmad, told the Senate committee that the cash withdrawal limit policy was not new as it was introduced in 2012 during former President Goodluck Jonathan’s administration, starting with Lagos State.

According to Ahmad, in the past, transactions were limited to bank branches but had now expanded to include multiple electronic platforms as well as a geometrical increase in the number of agents from 88,000 to 1.4 million.

At the end of Ahmad’s presentation of simple explanation on the policy, the committee, chaired by Senator Uba Sani (APC Kaduna Central), reportedly asked her to “take a bow and go” as moved by the Whip of the Senate who doubles as the deputy chairman of the committee, Senator Orji Kalu (APC, Abia North) and seconded by Senator Danjuma Goje (APC,Gombe Central).

But in a dramatic twist, the “take a bow and go” verdict by the committee chairman didn’t appear to sit well with some senators.

Hence, the senator representing Bayelsa West Senatorial District, Senator Seriake Dickson, told newsmen after the screening that the timing of the CBN policy was wrong.

The unsatisfied lawmaker lamented that he had expected his colleagues to grill the nominees at such a time that the country was going through hardship, adding that it was important to examine the readiness of institutions, the economy and small business owners not in the banking system.

Senator Dickson said, “They should have been grilled in national Interest; we are not here playing and if our country is going through a terrible situation and circumstances and if at this point in time, we have nominees of Mr President who have been managing the economy in such a way that people are not comfortable and we are talking about a screening exercise and people just say, ‘take a bow and go’, then that’s not fair enough.”

According to him, since the current administration would soon end, it was best to leave the policy for the next administration.

“The CBN can introduce the policy; we can debate it, but not to rush the country into this cashless policy when you have a national outcry. I think we need to reexamine this and the Senate committee, of which I’m a part, should have more deliberately questioned the CBN nominees on the policy,” Dickson said.

A toothless Senate.
These ones are even better. At least they came.

The likes of Alli must go willingly ignored the senate summon, and nothing happened to date.

The executive arm of the Nigerian government is more powerful than the legislators. SMH

"Nigeria will be free." Very soon

How did we get here?