Home NEWS Our Economy Can’t Take The Shock Of CBN’s Cash Withdrawal Limits –...

Our Economy Can’t Take The Shock Of CBN’s Cash Withdrawal Limits – Senate Minority Leader

The Senate Minority Leader, Phillip Aduda (PDP, FCT) has raised an eyebrow over the cash withdrawal limits set by the Central Bank of Nigeria (CBN).

Senator Aduda said: “our commerce, I think, is not ready for this, and our economy cannot take this shock. There is a need for us to speak about it because people are suffering and it is a very serious issue.”

The Senate minority leader spoke today, December 7, during the plenary as he was seconding a motion that the nominations of Mrs. Aishah Ahmad and Edward Lametek Adamu as deputy governors of CBN be referred to the committee for screening.

Aduda insisted that the cash withdrawal limits will affect the country’s economy even as Senator Gabriel Suswam (PDP, Benue) advised the Senate to debate the policy immediately for the sake of Nigerians, whom, he said, were extremely worried.

“My phone was inundated by calls from constituents, who are outside the former sector. People are extremely worried. You should have allowed us to discuss this issue for the sake of Nigerians.”

Responding, Senate President Ahmad Lawan cautioned the CBN not to approach the policy by jumping into it at once, saying that many Nigerians would be affected.

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He said that there is the need to engage the CBN to get more details on the policy.

He directed the Senate committee on banking, insurance and other financial institutions to discuss the matter during the screening of the CBN deputy governors.

Lawan said that the new CBN policy would be thoroughly debated next week Tuesday.

“At the moment, I will advise that these two deputy governors had been in the CBN for the past four years. So they are part of this system. They are not new people.

“This should be part of the major issues to be raised when they appear for screening.

“I want us to be properly informed and guided. Most of us, if not all of us, have not had an engagement with that institution.

“My personal opinion is, if we want to be a cashless society, we should take time to be cashless society and not to jump on it at once. Most Nigerians will be out of business.

“But we need to take the opportunity of the screening to be better informed on the policy.”

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