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Senate postpone cash withdrawal limit debate until Tuesday

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Senate President Ahmad Lawan said that the Upper Chamber would discuss a motion on the pros and cons of the Central Bank of Nigeria's (CBN) policy limiting weekly cash withdrawals to N100,000 for individuals and N500,000 for corporations.

Senator Philip Aduda, the minority leader, attempted to have the matter discussed in plenary before the Senate President issued his directive.

In a point of order, Aduda drew his colleagues' attention to the new CBN policy and urged prudence, stating that it will effect a large number of Nigerians, particularly small business owners.

As many Nigerians would be affected, the Senate cautioned the CBN against immediately implementing the cashless program.

Lawan, who appeared to oppose the program, persuaded Aduda to postpone the vote until next Tuesday: "However beneficial the cashless policy may be, it should not be implemented immediately."

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