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.
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 gives 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.
Some lawmakers faulted the CBN for not holding comprehensive consultations on the policy before its announcement while some legislators argue that the policy will put Point of Sale (PoS) operators out of business.
In addition, some lawmakers said the policy will adversely affect Nigerians in the informal sector, the unbanked, and those in rural communities.
On Tuesday, the Senate postponed its debate on the policy. However, Wednesday’s plenary session recorded a poor attendance of lawmakers. The plenary session also started later than usual on a day lawmakers had planned to debate the new CBN cash withdrawal policy.
READ ALSO: Senate postpones debate on CBN withdrawal limits
The plenary started at 12:30 pm. Sessions typically begin by 11 am.
The Senate President, Ahmed Lawan, was nowhere to be seen between 11 am and 12:30 pm and no explanation was given.
The Deputy Senate President, Ovie Omo-Agege eventually showed up by 12:30 pm and presided over plenary but also offered no explanation for the lateness in the commencement of legislative proceedings.
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.
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