Senate and CBN disagree on cash withdrawal rules

On Tuesday, there were signs that the Senate and the CBN’s management may be in a long-term fight over the policy that limits how much cash can be taken out of the central bank.

Senator Adamu Bulkachuwa (PDP Bauchi North) cautioned that the report of the Committee on Banking, Insurance, and Other Financial Institutions, which is chaired by Senator Uba Sani (APC Kaduna Central), must not be ignored, even though the upper legislative chamber agreed to discuss the most recent policy on Wednesday.

The uncomfortable silence that followed showed that not many senators would support the cash withdrawal plan.

Sen. Olubunmi Adetunmbi (APC Ekiti North), a committee member, had called the attention of his colleagues to the panel chairman’s absence from the chamber because he was attending the North West zonal presidential campaign rally of the party in Kaduna. The chairman is also the APC candidate for governor of Kaduna State.

Senator Adetunmbi said that the chairman was supposed to give the results of the screening process for CBN Deputy Governor candidates Mrs. Aishat Ahmad and Mr. Edward Lametek Adamu.

Both Ahmad and Adamu were recently reappointed by President Muhammadu Buhari. He asked the Senate to review and approve them for their last term at the top bank.

When she and her colleague showed up for screening last Friday, Ahmad, the CBN’s deputy governor for financial system stability, gave the panel a detailed explanation of the policy.

On Tuesday, the senators’ vetting process and a full explanation from the CBN head were to be talked about.

Senator Adetunmbi asserted that the panel chairman’s absence prevented the debate from taking place.

“Exactly one week ago, the Senate decided that the committee on banking and financial institutions should appear today to provide a report on the inquiries it was required to conduct regarding the new Central Bank policy regarding the withdrawal limit,” he said.

“Based on the concern voiced in the chamber about the two deputy governors who were coming for clearance, the committee was specially tasked with investigating these issues.”

Last week’s Thursday was when this happened. Two candidates showed up for clearing, and the issues were carefully examined, particularly after the chairman’s opening remarks.

He made it clear that the Senate asked the two deputy governors to explain why the policy was made because the public was so against it.

“The deputy governors provided in-depth justifications, and the committee also sought additional information in the form of recorded studies that would allow the committee to properly comprehend the difficulties underlying this policy during the plenary.”

Unfortunately, the chairman of the committee is working on a political assignment today, and the report won’t be finished until tomorrow, when he will submit the official report of the committee.

Senator Bulkachuwa didn’t agree with this line of thinking. He said that the Senate shouldn’t stop talking about the CBN Nara withdrawal limit policy just because the panel didn’t give a report.

“This is a critical issue, and Nigerians are watching to see what the Senate, like the House or the Representatives, will do.”We shouldn’t let it be ignored.

He stated, “Letting it wait until tomorrow is providing him another excuse, and I encourage this Senate to consider this item now.” The House of Representatives has requested that the Governor of the Central Bank take no action on this.

Senate President Dr. Ahmad Lawan told Senator Bulkachuwa that he was out of order and that the subject would be talked about tomorrow (Wednesday).

“I don’t think it’s fair to say we’re sweeping this under the rug,” he said. According to my interpretation, to sweep something under the rug is to steer clear of it.

“No one in this room has said or done anything that makes it seem like we don’t want to talk about this issue.

“Senator Adetunmbi is a member of the Banking Committee, so I believe it is proper to offer him the chance to personally present his report,” he said.

“They are all present, including the Chief Whip, who serves as the Vice Chair of the Committee.

They have information to share with us. When the chairman personally presents the report, we will be better informed and able to take the necessary action.

By the grace of God, tomorrow is less than 24 hours away. Distinguished Senator Adamu Bulkachuwa, I kindly ask that you attend so that we can all hear from you if there is anything you would like to share with us, even though we all feel strongly about this.

“If we’re going to debate it, let’s debate it based on facts, because that’s when we can argue it and say no, stop it due to a stronger reason.” Don’t question our honesty in this situation.