• About
  • Advertise With Us
  • Home
  • Privacy Policy
Tuesday, July 8, 2025
  • Login
Jungle Journalist Media Limited
  • NEWS
  • POLITICS
  • ECONOMY & BUSINESS
  • GAMES & SPORTS
  • EDUCATION
  • ENTERTAINMENT
  • HEALTH & FOOD
  • NIGER DELTA
  • SECURITY / MILITARY
No Result
View All Result
  • NEWS
  • POLITICS
  • ECONOMY & BUSINESS
  • GAMES & SPORTS
  • EDUCATION
  • ENTERTAINMENT
  • HEALTH & FOOD
  • NIGER DELTA
  • SECURITY / MILITARY
No Result
View All Result
Jungle Journalist Media Limited
No Result
View All Result
  • NEWS
  • POLITICS
  • ECONOMY & BUSINESS
  • GAMES & SPORTS
  • EDUCATION
  • ENTERTAINMENT
  • HEALTH & FOOD
  • NIGER DELTA
  • SECURITY / MILITARY

Home » ECONOMY & BUSINESS » Cashless Policy: Senate asks CBN to raise planned withdrawal limits

Cashless Policy: Senate asks CBN to raise planned withdrawal limits

by Jungle Journalist
December 15, 2022
5
SHARES
45
VIEWS
Share on FacebookShare on TwitterShare on WhatsApp

From John Akubo, Abuja

The Senate has asked the Central Bank of Nigeria (CBN) to raise the proposed withdawal limit of N100, 000 per week for individual and N500, 000 per week reasonably upwards for Corporate bodies in response to public outcry.

It also mandated its Committee on Banking, Insurance and other Financial Institutions, to embark on aggressive oversight of CBN on its commitment to flexible adjustment of the withdrawal limit and periodically report outcome to the Senate.

The Red chamber however supported CBN in continuous implementation of transformational payments and financial industry initiatives.
Senate however adopted the resolutions after heated debate by Senators on the proposed policy during consideration and adoption of report of its Committee on Banking , Insurance and other Financial Institutions .

The Chairman of the Committee, Senator Uba Sani ( APC Kaduna Central), had in the report argued that the planned Cash Withdrawal Limits, was well conceived by the CBN for transformation of the Nation’s economy and that the action falls within the mandate of the Apex bank as provided for, in section 2(d) and 47 of its extant Act.

However during general debate on the report and recommendations later adopted as resolutions , many of the Senators kicked against the timing of the policy , warning that it may lead to mass revolt in the rural areas across the country.
First to kick against it , was Senator Ajibola Basiru ( APC Osun Central), who said the proposed threshold of N100,000 and N500, 000 withdrawal per week for individuals and corporate bodies respectively , was unrealistic.
“Laws are made for people and not people made or created for law . If CBN is acting under section 2(d) and 47 of its extant Act to make life difficult for Nigerians through a policy , as representatives of the people ,we need intervene.

“Such intervention from us is to make CBN realise that the proposed Cash withdrawal limits policy is unrealistic and very injurious and detrimental to the well-being of rural dwellers, many of whom are our constituents.
“Report of this committee recommending the policy to us and by extension, to Nigerians through suggestion of flexibility in implementation, is vague, nebulous and means nothing “, he said.

Senator Adamu Aliero (PDP Kebbi Central) in his own contribution, the picture painted by the committee in its report on the proposed CBN policy, is nothing but an idea picture of what economy should be, which is far cry from what economy is , in reality as far as Nigeria is concerned.

“The proposed CBN policy does not capture the informal sector and very detrimental to the livelihood of rura dwellers who are not into e – banking.
“Public outcry against the policy is too much, requiring serious caution as far as implementation is concerned because Nigeria economy is predominantly rural “, he said.

Senator Adamu Bulkachuwa ( PDP Bauchi North), in his contribution, warned that the proposed policy , if not suspended, may trigger revolt from rural dwellers.
He said recommendations made by the Senate Committee on Banking on the policy which were later adopted as resolutions, made no sense to him,
“Senate committee recommendations on the proposed CBN policy, is nothing but trying to put wool in the eyes of Nigerians “, he said.

Even Senator Orji Uzor Kalu (APC Abia North)who as a member of the Committee, signed the adopted report on the proposed policy , kicked against it in his contribution.

He said : N100, 000 per week for individuals and N500,000 per week for corporate bodies, are too small.
“The N500, 000 per day for individuals l and N3million per day for corporate bodies being implemented in Abia , Lagos , Ogun, Rivers, FCT etc, should be sustained across the country for now “.

Other Senators who kicked against implementation of the policy as planned from January 9, 2023 , were Biodun Olujimi (PDP Ekiti South), Chukwuka Utazi (PDP Enugu North) , Stella Oduah ( PDP Anambra North), Ibrahim Hassan Hadeija ( APC Jigawa North East ) etc .

But Senators Yusuf A Yusuf (APC Taraba Central), Degi Eremienyo (APC Bayelsa East) Francis Alimikhena (PDP Edo North) , supported it in their separate contributions.

ReadAlso

Bill to create new state in South West passes first reading at Senate

Kaduna Forward Chairman: Uba Sani Coalition, Tasiu Musa Hails Igabi Stakeholders For Supporting Yusuf Ibrahim Zailani’s Senate Candidacy

Tags: cash withdrawal limitcashless policySenate
Share2Tweet1Send
Previous Post

As Some Renegades In Enugu APC Fight Dirty For Second Position, Ada Ogbu Coasts To Victory

Next Post

My Government Will Make The Michael Okpara Leadership Institute A Dream Come True — Frank Nweke Jr

You MayAlso Like

NATIONAL

Tinubu Leaves Saint Lucia, Heads To Brazil For BRICS Summit

July 6, 2025
NATIONAL

Labour Party collapses structure in local government in Benue, merges fully with ADC

July 6, 2025
NATIONAL

Gov Otti Secures Release Of 3 Inmates On Death Row After 26 Years In Prison

July 6, 2025
NATIONAL

Nigerians Must Brace Up For Unusual Heavy Cold Weather, says NIMET

July 6, 2025
NATIONAL

New Abia Movement Launches In Umuahia To Spark Civic Renewal Across Abia State

July 6, 2025
NATIONAL

ADC South East To Hold Emergency Meeting For All Zonal Working Committee Members

July 5, 2025
Next Post

My Government Will Make The Michael Okpara Leadership Institute A Dream Come True — Frank Nweke Jr

Discussion about this post

Recent Posts

  • Tinubu Leaves Saint Lucia, Heads To Brazil For BRICS Summit
  • Labour Party collapses structure in local government in Benue, merges fully with ADC
  • Gov Otti Secures Release Of 3 Inmates On Death Row After 26 Years In Prison
  • Nigerians Must Brace Up For Unusual Heavy Cold Weather, says NIMET
  • New Abia Movement Launches In Umuahia To Spark Civic Renewal Across Abia State
ADVERTISEMENT

Recent Comments

  • Ogbuenyi Sunday on Anambra police arrest river-bathing prophet ‘Onye Eze Jesus’
  • Stephen CE on List of international stars who have joined #EndSARS/#EndSWAT and what they said

Trending

Five Serving Governors To Join ADC

Again, Ogilisi Igbo Appeals To Ndi Igbo To Retrieve Loved Ones From Mortuaries And Bury Them

Gov Otti Secures Release Of 3 Inmates On Death Row After 26 Years In Prison

ADC South East To Hold Emergency Meeting For All Zonal Working Committee Members

Atiku, Obi, Tambuwal, Malami, Others Adopt ADC, Pick Mark, Aregbesola To Lead Party

ADVERTISEMENT

How Dumebi Kachikwu, Instrument For Crippling New ADC Coalition Was Nailed In U.S. Over $2.1 Million Fraud – Report

Senate Sets Hurdles Against Natasha’s Return Over Court Judgement

Nigerians Must Brace Up For Unusual Heavy Cold Weather, says NIMET

South-East may dump PDP because of leadership crisis – Gov Peter Mbah

Nationwide SIM Services Disruption Imminent as NIMC Moves to New Identity Verification Platform

    ADVERTISEMENT

    Popular Stories

    • BREAKING: Gunmen Take Over Onitsha-Owerri Road, Set Over 10 Vehicles, Goods Worth Billions Ablaze

      2796 shares
      Share 1118 Tweet 699
    • JUST IN: CBN Governor, Godwin Emefiele sacked

      1821 shares
      Share 728 Tweet 455
    • BREAKING: Finland police arrests Simon Ekpa 

      1032 shares
      Share 413 Tweet 258
    • BREAKING: IReV Portal Shows Labour Party Won 19 States Plus FCT, PDP 8, APC 7, NNPP 2 States—Baba-Ahmed

      665 shares
      Share 266 Tweet 166
    • NEWS FLASH: Peter Mbah of PDP cruising to victory, wins 14 LGAs in Enugu guber polls 

      537 shares
      Share 215 Tweet 134
    • JUST IN: Daughter of Benin billionaire/CEO of Uyi Technical commits suicide

      510 shares
      Share 204 Tweet 128

    ABOUT US

    Jungle Journalist Media Limited

    Jungle Journalist Media Limited

    Jungle Journalist is an online news and information resource centre dedicated to accurate and timely news reports.

    Read More >>

    CONNECT WITH US

    SECTIONS

    • AGRICULTURE
    • BIZARRE
    • BREAKING
    • BUILDING & PROPERTIES
    • COLUMNIST
    • COMMUNITY REPORTS
    • ECONOMY & BUSINESS
    • EDUCATION
    • ELECTRICITY
    • ENTERTAINMENT
    • GAMES & SPORTS
    • HEALTH & FOOD
    • HOLIDAYS
    • INDIGENOUS REPORTS
    • INTERNATIONAL / DIASPORA
    • LAW & HUMAN RIGHTS
    • LEGISLATION
    • MEDIA INDUSTRY
    • MONEY & BANKING
    • NATIONAL
    • NEWS
    • NIGER DELTA
    • NORTH
    • OBITUARY
    • OIL & GAS
    • OPINION
    • PHOTOS / VIDEOS
    • POLICE / CRIME
    • POLITICS
    • RELIGION & WORSHIP
    • SCIENCE / TECHNOLOGY
    • SECURITY / MILITARY
    • SOCIAL MEDIA
    • SOUTH-EAST
    • SOUTH-SOUTH
    • SOUTH-WEST
    • TRADITION & CULTURE
    • TRANSPORT & AVIATION
    • WOMEN & CHILDREN
    • YOUTH
    No Result
    View All Result

    NEWS SOURCES

  • Punch
  • Nigerian Tribune
  • The Nation
  • Thisday
  • DailyTrust
  • The Sun
  • Daily Independent
  • PM News
  • Vanguard
  • Premium Times
  • Sahara Reporters
  • The Guardian
  • Leadership
  • Daily Times Of Nigeria
    • About
    • Advertise With Us
    • Privacy Policy

    © 2021 Jungle Journalist Media Limited - Web Designed by AfeesHost.

    No Result
    View All Result
    • NEWS
    • POLITICS
    • ECONOMY & BUSINESS
    • GAMES & SPORTS
    • EDUCATION
    • ENTERTAINMENT
    • HEALTH & FOOD
    • NIGER DELTA
    • SECURITY / MILITARY

    © 2021 Jungle Journalist Media Limited - Web Designed by AfeesHost.

    Welcome Back!

    Login to your account below

    Forgotten Password?

    Retrieve your password

    Please enter your username or email address to reset your password.

    Log In