After a delayed plenary on Wednesday, the Senate asked the Central Bank of Nigeria (CBN) to considerably adjust its recently announced cash withdrawal limits in response to the public outcry against the new policy.
Written by City Radio on December 14, 2022
The upper chamber, in its resolution, also asked its Committee on Banking and Finance to embark on aggressive oversight of the apex bank as it implements the policy and give periodic reports to the Senate.
The Senate’s resolution was reached after an exhaustive debate by the lawmakers who attended Wednesday’s plenary session.
Some lawmakers argued that the withdrawal threshold set by the CBN is unrealistic considering the economic situation in the country.
The plenary started at 12:30 pm. Sessions typically begin by 11am.
The Deputy Senate President, Ovie Omo-Agege eventually showed up by 12:30pm and presided over plenary.
An opposition lawmaker, Senator George Sekibo raised a Point of Order, expressing his annoyance at the late commencement of plenary but the Deputy Senate President did not offer an apology and instead ruled him out of order.