Kalu proposed setting a daily cash withdrawal cap of N500,000 for private persons and N3,000,000 for corporate entities.
By Omotayo Olutekunbi
The Senate requested that the Central Bank of Nigeria raise the cash withdrawal caps on Wednesday, December 14, 2022.
The apex bank recently set a weekly limit of N100,000 for personal withdrawals and N500,000 for corporate withdrawals under its new monetary policy.
The policy, which is scheduled to go into effect on Monday, January 9, 2023, caused a public uproar, and the National Assembly called Godwin Emefiele, the governor of the Central Bank of Nigeria, to explain it in their chambers.
The Committee on Banking and CBN Chiefs met on Wednesday to discuss the policy, and following that discussion, the legislators urged the bank to modify the withdrawal limitations that were previously stated in the policy.
Daily Trust reports that the Senate also gave the committee instructions to aggressively monitor the CBN’s compliance with its pledge to flexible modification of the withdrawal limit and to report progress to the chamber on a regular basis.
Meanwhile, the legislators’ opinions on the CBN policy throughout the discussion varied.
Many of them contended that the policy would have an impact on the rural economy and that imposing it on the populace would lead to the emergence of a black market for cash.
Given the present national average cost of living, Senator Ajibola Basiru (APC, Osun), one of the MPs who criticized the program, called it impossible.
The Chair of the Committee on Banking, Senator Uba Sani (APC, Kaduna), asserted that the cashless policy was compliant with the CBN Act.
He continued by saying that the goal of the withdrawal restrictions policy was to promote a reliable, trustworthy, and effective payment system.
“It’s neither targeted at any segment of the society nor intended to disenfranchise hardworking Nigerians and businesses as insinuated in some quarters,” he said.
Orji Uzor Kalu (APC, Abia), a senator, demanded an increase in the withdrawal caps.
He recommended setting a daily cash withdrawal cap of N500,000 for private persons and N3,000,000 for business entities.
Related posts
Reviews
Follow Our Activities On Facebook
2 hours ago
3 hours ago
3 hours ago
3 hours ago
3 hours ago
SUBSCRIBE
[mc4wp_form id=”2012″]
Top Reads!
#BigBrotherNaija “Level Up” Week 6
Though last Sunday Sunday was meant to be a “no-eviction” day, it came as a shocker when fake housemate, Modella…
Dating in 2022; Situationships Are Not For The Fainthearted
Situationships are defined as that space between a defined relationship and something other than a friendship. It is a romantic…
20 Questions With Dinta Media’s Visual Storyteller, Chimeremogo Nwoke
Dinta Media is not really just a media production brand but we like to see ourselves as a hub for…
How Are Nigeria’s Small Businesses Coping?
The current rising rate of inflation and other burdens against the Nigerian economy speaks to the realities of the times.
Thrifting Is All The Rave Now, Here’s Why
By Amy Adindu The affordable clothing movement has gained global attention and acceptance as we’re all trying to look like…
#BigBrotherNaija “Level Up” Week 2
Week 2 of the highly watched Nigerian TV show kicked off with an early plot twist. On Sunday, Big Brother…
#BlueTunes: Burna Boy, Omah Lay Top Album Picks For July
July was a promising month for music lovers; from Lizzo’s album titled Special and Imagine Dragons’ Mercury, (Acts 1 &…
#BlueTunes Album Picks For June
Gbagada Express – Boj Bolaji Odojukan, popularly known as BOJ, was raised both in England and Nigeria. He shot to…
“A Creative’s Dream” with Jeff Chinonso
On the 26th of June 2022, Jeff Chinonso hosted his first solo art exhibition. The Augmented Reality exhibition themed “A…
Nigerian API-based company Thepeer raises $2.1 million
Tech infrastructure startup Thepeer has raised a $2.1 million seed round according to a report from TechCabal. Thepeer, a Nigerian…
Dika Ofoma, Ugochukwu Onuoha take on grief in Debut Film “The Way Things Happen”
The twenty-minute film focuses on the loss of a loved one, and how grief changes a person.
Nigerian Startups might just be Crippled by a Recently Leaked bill
Over the years there has been talks of amendment on the 2007 Act of the National Information & Technology Agency (NITDA).
Why We Love Kelechi Amadi Obi
The definition of talent is Kelechi Amadi’s iconic story. Imagine a person who studies law in school, gets called to Bar, and leaves it all for something different and unrelated…Painting!