Jungle Journalist Media Limited
  • News
  • Politics
  • Economy and Business
  • Sports
  • Editorial
  • Education
  • entertainment
  • Health
  • Niger Delta
  • Security
No Result
View All Result
  • News
  • Politics
  • Economy and Business
  • Sports
  • Editorial
  • Education
  • entertainment
  • Health
  • Niger Delta
  • Security
No Result
View All Result
Jungle Journalist Media Limited
No Result
View All Result
  • News
  • Politics
  • Economy and Business
  • Sports
  • Editorial
  • Education
  • entertainment
  • Health
  • Niger Delta
  • Security

Home » Economy and 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
4
SHARES
44
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

Senate Confirms Lauretta Onochie As NDDC Chairman

Cash withdrawal limit: Falana, PoS operators says policy illegal, threaten lawsuit against CBN

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

I’m the reason Chimaroke lost Senate race, he should stop blaming the wrong people – Ray Nnaji

March 28, 2023
Education

Group lists 50 university vice chancellors/professors, 34 others behind rigging of 2023 polls, exempts Prof Nnenna Oti, 2 others

March 28, 2023
National

2023: Okey Ahiwe salutes Ndi Abia, PDP for support

March 28, 2023
News

Abia State: Freedom at last, by Mazi Ernie Onwumere 

March 28, 2023
National

Abia: APC chieftain Mary Ikoku congratulates Alex Otti 

March 28, 2023
National

To Hell With You’ – Again, Fani-Kayode Slams British Envoy Over Visa Ban Threat

March 28, 2023
Next Post

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

Discussion about this post

Recent Posts

  • I’m the reason Chimaroke lost Senate race, he should stop blaming the wrong people – Ray Nnaji
  • Group lists 50 university vice chancellors/professors, 34 others behind rigging of 2023 polls, exempts Prof Nnenna Oti, 2 others
  • 2023: Okey Ahiwe salutes Ndi Abia, PDP for support
  • Abia State: Freedom at last, by Mazi Ernie Onwumere 
  • Abia: APC chieftain Mary Ikoku congratulates Alex Otti 
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

VIDEO(VIEWERS DISCRECTION!) Day of rage as Nasarawa mothers go totally naked to protest guber result

Man purchases Prado Jeep for ‘upright’ Abia INEC Returning Officer

Imo-born Billionaire And Labour Party Guber Aspirant Found Dead After Meeting 

After Peter Obi, Ifeanyi Ugwuanyi, Chimaroke Nnamani adds Peter Mbah among those who betrayed him 

BREAKING: Labour Party wins first state as Alex Otti unseat PDP in Abia  

ADVERTISEMENT

BREAKING: Two Killed As Unknown Gunmen Invade Security Checkpoint In Enugu 

Why they want me dead – Eholor 

Bola Tinubu secretly flown abroad

BREAKING: Wike Orders Demolition Of AIT/Raypower Office In Rivers, Issues Quit Notice

SENATE 2023: Election grossly marred, but I am grateful to you all, Ndi Enugu-East —Ada Ogbu 

    ADVERTISEMENT

    Popular Stories

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

      2682 shares
      Share 1073 Tweet 671
    • JUST IN: CBN Governor, Godwin Emefiele sacked

      1758 shares
      Share 703 Tweet 440
    • BREAKING: Finland police arrests Simon Ekpa 

      963 shares
      Share 385 Tweet 241
    • BREAKING: IReV Portal Shows Labour Party Won 19 States Plus FCT, PDP 8, APC 7, NNPP 2 States—Baba-Ahmed

      599 shares
      Share 240 Tweet 150
    • NEWS FLASH: Peter Mbah of PDP cruising to victory, wins 14 LGAs in Enugu guber polls 

      507 shares
      Share 203 Tweet 127
    • JUST IN: Daughter of Benin billionaire/CEO of Uyi Technical commits suicide

      460 shares
      Share 184 Tweet 115

    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
    • Aviation
    • Biafra
    • birthday
    • Bizarre
    • Breaking News
    • Building and Properties
    • Columnist
    • Community Reports
    • crime
    • Economy and Business
    • Editorial
    • Education
    • Election
    • electricity
    • entertainment
    • Health
    • Holidays
    • Human Rights
    • International
    • Interviews
    • Law
    • Magazine
    • media
    • Money
    • National
    • News
    • Niger Delta
    • North
    • Obituary
    • Oil and Gas
    • Opinions
    • Photos
    • Politics
    • Press Release
    • Religion and Culture
    • Science and Technology
    • Security
    • South East
    • South-South
    • South-West
    • Sports
    • Transport and Aviation
    • Violence
    • Women and Children
    • Worship
    • 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 and Business
    • Sports
    • Editorial
    • Education
    • entertainment
    • Health
    • Niger Delta
    • Security

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