Skip to main content

Cash withdrawal: Senate fails to grill CBN chiefs


The Senate on Friday screened the two newly re-appointed deputy governors of the Central Bank of Nigeria and backed down on the planned grilling of the officials on the cash withdrawal limit policy unveiled by the apex bank on Tuesday.

The Red chamber had on Wednesday at the plenary commissioned the committee on Banking, Insurance and other Financial Institutions to get clarifications from the apex bank chiefs when screening them for their re-appointment.

Controversies have continued to trail the planned policy of the Central Bank of Nigeria to limit cash withdrawal for individuals to N100,000 and Corporate Bodies N500, 000 per week, the apex bank chiefs, however, told the Senate Committee that it was high time Nigeria embraced the policy.

Our correspondent observed that the senators simply asked for an explanation from the deputy governors without further probing into the policy’s details.

The Deputy Governor of CBN on Financial System Stability, Mrs Aishat Ahmad, explained that the policy was introduced in 2012 during former President Good luck Jonathan’s administration and extended to Abuja and six other states in 2013.

She told the committee that the cashless policy being fully implemented by CBN now is not new, as required steps in that direction, were taken in 2012 with Lagos State as a pilot scheme and Abuja and Six other states in 2013.

Ahmad added, “Though full implementation of the policy has not been carried out by CBN since then, its introduction has brought a lot of transformation in the banking and payment system.

“Distinguished Chairman of this committee and members, I’m happy for the opportunity to make presentations on the planned N100,000 withdrawal limit for individuals and N500, 000 for Corporate Bodies per week, beginning from 9th January 2023, in line with the cashless policy introduced in 2012.

“Based on information available to CBN, the time for full implementation of the policy with the proposed limit on cash withdrawals per week is now.”

She added, “The required infrastructure for its implementation in terms of financial access point system, mobile money, E-naira, etc, are available across the 774 local government councils in the country.

“All fears and worries being expressed by Nigerians about the planned limited cash withdrawal policy are seriously being taken care of as nobody or a section of Nigerians, will be left out.

“In the past, banking transactions in Nigeria were limited to Bank Branches alone as the only means, which has now expanded into multiple electronic platforms as well as a geometrical increase in the number of agents from 88,000 to 1.4 million.”

The CBN chief, however, said that the Apex bank is flexible and will be ready to accommodate opinions that won’t make the policy strenuous to any category of Nigerians during implementation.

After her presentation, the Committee chaired by Senator Uba Sani ( APC Kaduna Central), asked that the CBN chiefs ‘take a bow and go’ as moved by the Whip of the Senate who doubles as the deputy chairman of the committee, Senator Orji Kalu (APC, Abia North) and seconded by Senator Danjuma Goje (APC,Gombe Central).

Sani said, “With the presentation made by the Deputy Governor of CBN on Financial System Stability, Aisha Ahmad, on the planned limited cash withdrawal, required information on the merits of the policy has been given and will be communicated to the Senate in plenary through our report.

“The two Deputy Governors, having earlier been screened before serving their first tenures, need not to again as unanimously agreed by members of the Committee. They should therefore take a bow and go.”

Some of the senators present at the screening were Betty Apiafi,(PDP, Rivers West); Seriake Dickson(Bayelsa West), Uche Ekwenife,(PDP, Anambra West) Central); Yusuf Yusuf,( APC,Taraba Central); Ibrahim Danbaba(APC Sokoto South); Yakubu Oseni(Kogi Central); Istifanus Gyang, (Plataeu North); Bello Mandiya,(APC Katsina South); Sani Musa, (Niger East); Onyebuchi Ezenwa,(Imo East); Olubunmi Adetunmi, (Ekiti North) and Lawali Anka (Zamfara West)
Labels:

Comments

Post a Comment

Popular posts from this blog

Amb. Olufadi Bags NANS Kwara ‘Icon Of Hope’ Leadership Award

Ambassador Olufadi Balarabe Ayuba, a distinguished lecturer in the Department of Mass Communication at Kwara State Polytechnic, Ilorin, has been honored with the "Icon of hope Leadership Award" by the National Association of Nigerian Students (NANS), Kwara State Chapter. The prestigious award recognizes Olufadi's exceptional contributions to leadership, academic excellence, and his unwavering commitment to students constituency, youth development and mentorship in the state. Presenting the award on Monday December 2, NANS Kwara Delegates Comrade Sulyman Muhammed Solihu and Comrade Owolabi Barakat described Olufadi as a beacon of hope and a role model for students and young leaders. In his acceptance speech, Olufadi expressed gratitude for the recognition, dedicating the award to his students and colleagues. He thanked the organizers for recognizing his efforts.  Olufadi also commended the Polytechnic Management, led by the Project Rector, Dr. Abdul...
3 comments
Read more

Olufadi Bags Leadership Meritorious Award in Oyo

A Lecturer in the Department of Mass Communication, Kwara State Polytechnic Ilorin, Mr. Olufadi Balarabe Ayuba has bagged an outstanding leadership award in Oyo state.  The award was presented at the Annual Leadership Summit organized by the National Association of Oyo Students, Kwara State Polytechnic Chapter, at the Atiba Town Hall, Oja Akesan Oyo State. In his remark, Mr. Olufadi expressed his heartfelt gratitude to the Polytechnic community under the leadership of the Rector, Engr. Dr. Abdul Jimoh Muhammed, and the entire Oyo Students Union for the great opportunity to serve as the union Staff Adviser. “I’m delighted to see our student leaders here in Oyo state with their commitment to academic pursuit, I urge you all to be good ambassadors of the institution”. He said While presenting the award. Hon. Amuda Saliu Adeyemi, deputy Director of Finance and Supplies, Afijo Local Government Jobele congratulated Mr. Olufadi on the award, commending his commitme...
2 comments
Read more

Years With Engr. Dr. Abdul Jimoh Muhammad In Kwara State Polytechnic, Ilorin.

By: Olufadi Balarabe Ayuba I have come across many leaders in academic institutions, each with their unique approach to leadership and innovation. But none has struck me more than the “Project Rector” of Kwara State Polytechnic, Engr. Dr. Abdul Jimoh Muhammad. His leadership is one that not only puzzles but also inspires. Since assuming the role of Rector in 2019, his transformative efforts at Kwara State Polytechnic have become a model of how to balance infrastructure development with academic excellence, innovation, and inclusivity. Engr. Dr. Muhammad is not just a leader in title; he is a leader by example. Often seen personally supervising projects around the polytechnic campus, he earned the title of “Project Rector” for his unwavering commitment to enhancing the polytechnic’s infrastructure. His meticulous attention to the quality of education, alongside his relentless push for modern facilities and technology integration, has elevated Kwara State Polytechnic to one o...
Post a Comment
Read more