ABUJA, May 26, (THEWILL) – The Senate Thursday advised the Governor of Central Bank of Nigeria, Mallam Sanusi Lamido Sanusi, to review the deadline for the commencement of the new CBN cash withdrawal limit, even as it asked the apex bank to submit quarterly reports on the progress of the new policy.
But Sanusi expressed the possibility of an imminent adjustment in the timeline, when he announced that, 'the effective date of implementation was not cast in stone.'
According to Sanusi, only 10 percent of Nigerians were capable of withdrawing upwards of N100, 000 cash per day thereby leaving the remaining 90 percent to bear the cost of cash management which he said was high.
The senate is on course. Policies like this one should be implemented in phases. This is a serious adjustment, which Nigerians are expected to make and so cannot be done overnight.