After a plenary session postponed on Wednesday, the Senate asked the Central Bank of Nigeria (CBN) to significantly adjust its recently announced ATM withdrawal limits in response to public outcry against the new policy.
The Senate resolution also asked its Committee on Banks and Finance to aggressively monitor the major bank as it implements the policy and to provide regular reports to the Senate.
The Senate resolution was reached after an exhaustive debate by lawmakers attending Wednesday’s plenary session.
Some lawmakers have argued that the withdrawal threshold set by the CBN is unrealistic given the country’s economic situation.
Some lawmakers have criticized the CBN for not conducting extensive consultation on the policy before announcing it, while some lawmakers argue that the policy will bankrupt point-of-sale (PoS) operators. Additionally, some lawmakers have said the policy will affect Nigerians in the informal sector, the unbanked and those in rural communities.
On Tuesday, the Senate postponed its policy debate. However, Wednesday’s plenary session saw a low turnout from lawmakers. The plenary session also started later than usual on the day lawmakers were to discuss the CBN’s new cash withdrawal policy.
The plenary session started at 12:30 p.m. Sessions usually start at 11am.
Senate Speaker Ahmed Lawan was nowhere to be seen between 11:00 and 12:30 and no explanation was given.
Senate Vice-President Ovie Omo-Agege finally showed up at 12:30 and presided over the plenary, but gave no explanation for the late start of the legislative process.
Senator George Sekibo, an opposition lawmaker, raised a point of order, expressing annoyance at the delayed start of the plenary session, but the Senate vice president did not apologize and instead barred him.
The CBN on Wednesday pegged the maximum daily withdrawals through ATMs and Point Of Sale (PoS) terminals at N20,000. The CBN said the new policy follows President Muhammadu Buhari’s introduction of the redesigned N200, N500 and N1000 banknotes on November 23, 2022.
He ordered banks to ensure that weekly over-the-counter (OTC) cash withdrawals by individuals and businesses do not exceed 100,000 and 500,000 naira respectively.
The Senate, House of Representatives and legal luminaries like Femi Falana have since criticized the policy.