The announcement of the enforcement of the cashless policy directing a cash withdrawal limit of N100, 000 per week for individual and N500, 000 per week for corporate bodies by the Central Bank of Nigeria, came like a bolt from the blue and for days, federal legislators have been debating the policy, trying to persuade the apex bank to have a rethink.

The policy implementation was unusual, sudden, unexpected and it polarised the socio-political and economic landscape of the country and drew public outcry forcing both chambers of the National Assembly to invite the CBN Governor to appear before it.

On Thursday, the CBN Governor failed to honour a House of Reps invitation but courteously sent a four – paragraph letter pledging that he would brief the parliament on the recent monetary policies on Tuesday, December 20, 2022 at plenary.

The House had last Thursday, directed CBN to suspend implementation of the new cash withdrawal limit policy which is expected to take off on January 9, 2023, pending compliance with provisions of the Act establishing the apex bank. It also summoned the CBN governor to brief the House on several policies of the bank recently, particularly the new currency and the withdrawal limit policy of N100,000 and N500,000 for individuals and organisations respectively.

However, on Thursday the House received a letter addressed to the speaker, Femi Gbajabiamila and read by the deputy speaker, Ahmed Idris Wase who presided over the plenary, explaining why Emefiele cannot honour the summon.

The letter dated December 13, 2022 with a reference number GVD/DGC/CON/NAS/002/055, signed by Edward Adamu, the CBN Deputy Governor, Corporate Services, Emefiele said he could not be physically present to brief the lawmakers due to his trip to the United States of America with President Muhammadu Buhari.

But the Upper chamber, the Senate, spent considerable time on Wednesday to debate the CBN policy. It thereafter passed a resolution calling for a review of the withdrawal policy while expressing its support to the CBN in its continuous implementation of transformational payments and financial industry initiatives .

That was after it adopted the resolutions after heated debate by Senators on the proposed policy during consideration and adoption of the report of its Committee on Banking , Insurance and other Financial Institutions .

The Chairman of the Committee , Senator Uba Sani (APC Kaduna Central), had in the report argued that the planned Cash Withdrawal Limits , was well conceived by the CBN for transformation of the Nation’s economy and that the action falls within the mandate of the Apex bank as provided for, in section 2(d) and 47 of its extant Act .

However, many of the Senators kicked against the timing of the policy, warning that it may lead to mass revolt in the rural areas across the country. Senator Ajibola Basiru (APC Osun Central) said the proposed threshold of N100,000 and N500, 000 withdrawal per week for individuals and corporate bodies respectively , was unrealistic .

“Laws are made for people and not people made or created for law . If CBN is acting under section 2(d) and 47 of its extant Act to make life difficult for Nigerians through a policy , as representatives of the people ,we need intervene .

“Such intervention from us is to make CBN realise that the proposed Cash withdrawal limits policy is unrealistic and very injurious and detrimental to the well-being of rural dwellers , many of whom are our constituents .

“Report of this committee recommending the policy to us and by extension, to Nigerians through suggestion of flexibility in implementation , is vague , nebulous and means nothing “, he stressed.

Senator Adamu Aliero (PDP Kebbi Central ) , in his own contribution said the picture painted by the committee in its report on the proposed CBN policy, is nothing but an ideal picture of what the economy should be , which is a far cry from what the economy is , in reality as far as Nigeria is concerned .

“The proposed CBN policy does not capture the informal sector and very detrimental to the livelihood of rural dwellers who are not into e – banking .Public outcry against the policy is too much , requiring serious caution as far as implementation is concerned because Nigeria economy is predominantly rural “, he said .

A Senator representing the main opposition party, the Peoples Democratic Party (PDP) cautioned that the proposed policy ,if not suspended, may trigger revolt from rural dwellers. Senator Adamu Bulkachuwa said the Committee’s recommendations made no sense to him .”Senate committee recommendations on the proposed CBN policy, is nothing but trying to put wool in the eyes of Nigerians “, he said .

However, Senator Orji Uzor Kalu ( APC Abia North ), who as a member of the Committee , signed the adopted report on the proposed policy, kicked against it in his contribution. His words;” N100, 000 per week for individuals and N500,000 per week for corporate bodies , are too small . The N500, 000 per day for individuals and N3million per day for corporate bodies being implemented in Abia , Lagos , Ogun , Rivers , FCT etc , should be sustained across the country for now “.

Other Senators who spoke against the implementation of the policy as from January 9, 2023 , were Biodun Olujimi ( PDP Ekiti South), Chukwuka Utazi ( PDP Enugu North ) , Stella Oduah ( PDP Anambra North ) , Ibrahim Hassan Hadeija ( APC Jigawa North East ) among others while Senators Yusuf A Yusuf ( APC Taraba Central) , Degi Eremienyo ( APC Bayelsa East ) Francis Alimikhena (PDP Edo North) , supported it in their separate contributions.

The CBN governor is expected to honour the House of Representatives invitation next week Tuesday.