Senate yesterday expressed concerns over the cash withdrawal limit policy of the Central Bank of Nigeria (CBN).
Its Banking and Finance committee yesterday asked the CBN to give it a quarterly report on the cash limit withdrawal policy before it begins its implementation in June 2012.
The committee made the demand when the CBN Governor, Mallam Sanusi Lamido Sanusi, appeared before it to provide an insight into the policy.
Chairman of the committee, Nkechi Nwogu, said the demand became imperative to enable the committee to perform its oversight function and ascertain the workability of the policy.
Nwogu said the committee was interested in the cash limit, the charges and the time frame for the pilot scheme before the full implementation of the policy.
The committee is also interested in the modalities for the deployment of point of sales (POS) terminals, automated teller machines (ATMs) and mobile phone banking across Nigeria.
"We want to monitor the policy, we want to be well briefed on each development concerning the policy because we want it to benefit all," she said.
She said the committee was aware of the essence of the cash withdrawal limit policy, adding that the initiative was a step in the right direction toward attaining Vision 20:2020
In response, Sanusi allayed the fears of the committee and assured the members that the needed infrastructure would be put in place before the take off the policy.
Share Your Thoughts