Senators Wednesday expressed reservations over the Central Bank of Nigeria (CBN)’s plan to impose restrictions on cash withdrawals from January 9.
Under the CBN’s new withdrawal policy, which was announced Tuesday, the maximum cash withdrawal over the counter by corporate organisations and individuals weekly is N100, 000 and N500, 000 respectively.
During plenary the Senate’s Minority Leader, Phillip Aduda called the attention of his colleagues to the new policy as he made a failed attempt to move a motion on the proposed N100, 000 withdrawal per person per week, leading to the issue being formally discussed on the floor.
According to him, the cash withdrawal limits will affect the economy, requesting the debate of the new policy.
The Federal Capital Territory (FCT) representative said: “Our commerce, I think, is not ready for this and our economy cannot take this shock.