Withdrawal limit: Extend policy to June 30, 2023, Senate appeals to CBN

By Tunde Opalana

The Central Bank of Nigeria (CBN) has been called upon to extend the cash withdrawal limit policy to June 30th, 2023.

The Senate made the appeal Wednesday at plenary following the adoption of a motion sponsored by Senator Ali Ndume from Borno South.

Senator Ndume in his lead debate faulted the timing of the policy while submitting that since the beginning of the implementation of the cash withdrawal limit, the new notes are not in circulation even in cosmopolitan cities and towns not to talk of remote villages.

Ndume said: “First of all it is a general public opinion that the old notes must not be withdrawn from circulation by January ending because it will pose a serious problem.

“We had this problem in 1984 and we don’t want to have a repeat of that experience. There is no hurry in closing the exchange of old currency with the new ones. It is a good idea to have a better Nigeria notes.

“I am in support of it but the timing is what I object to. Nigerians don’t have banking facilities everywhere, I said before and I am repeating it again now because time is getting close.

“For example in Borno and Yobe states we don’t have many banks for effective implementation of the new policy. We have 27 local government areas and only five banks in those LGAs and we are known for trading and going from market to market to buy cash crops and other things there are no banks nor POS in those areas and the operational ones don’t even have network.

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“The new currency in circulation is not seen anywhere and I only saw the new note today in the chamber. So we need to think about the welfare of our people and avoid anything that will cause hardship for them”, he said.

In his contribution, Senator Adamu Alero (Kebbi Central) supported the reasons canvassed by Senator Ndume, urging the CBN to listen to the appeals.

The Senate in a unanimous voice vote approved the motion and appealed to CBN to extend the policy from January to June next year.