The Senate has requested the Central Bank of Nigeria (CBN) to significantly revise its recently announced cash withdrawal limitations.
The lawmakers stated this after a delayed plenary on Wednesday, in response to the public outrage against the new policy.
In its resolution, the upper house also urged its Committee on Banking and Finance to aggressively monitor the top bank’s implementation of the policy and submit regular updates to the Senate.
The lawmakers present for Wednesday’s plenary session engaged in a lengthy debate before reaching the Senate’s resolution.
The withdrawal barrier established by the CBN, according to certain MPs, is excessive given the nation’s economic circumstances.
While some lawmakers claim that the regulation will drive Point of Sale (PoS) companies out of business, others criticized the CBN for not conducting extensive consultations on the policy prior to its introduction.
Additionally, several lawmakers said that the proposal will have a negative impact on Nigerians working in the informal sector, people who are unbanked, and residents of rural areas.
The Senate had adjourned its discussion of the issue on Tuesday.
However, just a small number of parliamentarians showed up for the plenary meeting on Wednesday.
Additionally, the plenary session began later than normal on the day that lawmakers were supposed to discuss the revised CBN cash withdrawal rules.
The plenary got underway at 2:30. Sessions usually start at 11 a.m.
Between 11am and 12:30pm, the Senate President, Ahmed Lawan, was nowhere to be found, and no explanation was given.
Ovie Omo-Agege, the Deputy Senate President, finally arrived at 12:30 p.m. and took charge of plenary, but he also made no excuses for the delay in the start of the legislative process.
Senator George Sekibo of the opposition moved a Point of Order to convey his anger over the tardy start of the session, but the Deputy Senate President did not apologize and instead dismissed him.
