Withdrawal Limit: Senate Raises Concerns, Fixes Date To Debate New CBN Policy

Withdrawal Limit: Senate Raises Concerns, Fixes Date To Debate New CBN Policy

The Senate has expressed concern about the latest Central Bank of Nigeria (CBN) cash withdrawal policy.

In a point of order during plenary on Wednesday, Senate Minority Leader Phillip Aduda drew the attention of his colleagues to the new policy and urged caution because it will affect many Nigerians, particularly small business owners.

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In his response, Senate President Ahmad Lawan warns the CBN not to rush into the policy because it will affect many Nigerians.

He also stated that there is a need to engage the CBN in discussions to obtain more details on the policy, and he directs the banking committee to discuss this matter during the screening of the CBN Deputy Governors, which is expected to take place before next week.

The Senate has scheduled a vote on the new CBN policy for next Tuesday.

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