Withdrawal Limit: Senate Appeals CBN to Extend Policy to June 30th, 2023

The Senate has appealed to the Central Bank of Nigeria(CBN) to extend the cash withdrawal limit policy to June 30th, 2023.

The Senate’s appeal followed the adoption of a motion sponsored by Senator Ali Ndume from Borno South.

Leading debate on the motion, Senator Ndume said the timing of the policy was wrong adding that since the beginning of the implementation of the cash withdrawal limit, the new notes are not in circulation even in cities talkless of in the villages.

According to him ” First of all it is a general public opinion that the old notes must not be withdrawn from circulation by January ending because it will pose a serious problem.

” We had this problem in 1984 and we don’t want to have a repeat of that experience.

“I am in support of the it but the timing is what I object to. Nigerians don’t have banking facilities everywhere, I said before and I am repeating it again now because time is getting close.

“For example in Borno and Yobe states we don’t have many banks for effective implementation of the new policy. We have 27 local government areas and only five banks in those LGAs and we are known for trading and going from market to market to buy cash crops and other things there are no banks nor POS in those areas and the operational ones don’t even have network.

“The new currency in circulation is not seen anywhere and I only saw the new note today in the chamber. So we need to think about the welfare of our people and avoid anything that will cause hardship for them”, he said.

In his contribution, Senator Adamu Alero (Kebbi Central) supported the reasons canvassed by Senator Ndume
urging that CBN to listen to the appeals.

The Senate in a unanimous voice vote approved the motion and appealed to CBN to extend the policy from January to June next year.