Headlines
Senate to Question CBN Chiefs over Cash Withdrawal Limits Friday
The Senate will on Friday grill two deputy governors of the Central Bank of Nigeria over the cash withdrawal limit policy unveiled by the apex bank on Tuesday.
The red chamber planned to seek clarifications on the new directive which restricts over-the-counter cash withdrawal by individuals and organisations to N100,000 and N500,000, respectively, per week.
It also limits cash withdrawals via point-of-sale machines and automated teller machines to N20,000 daily and N100,000 weekly, respectively.
According to a memo signed Tuesday by the CBN’s Director of Banking Supervision, Haruna Mustafa, withdrawals above the thresholds would attract processing fees of five per cent and 10 per cent, respectively, for individuals and corporate entities going forward.
In addition, third-party cheques above N50,000 shall not be eligible for OTC payment while extant limits of N10m on clearing cheques still remain.
The circular also directed banks to load only N200 and lower denominations into their ATMs and restricted withdrawal to N20, 000 per day from ATMs.
The policy which will become effective on January 9, 2023, had generated criticisms but the CBN clarified on Wednesday that PoS operators could apply for waivers.
Deliberating on the policy on the floor of the Senate on Wednesday, senators said there was a need to debate the policy on the floor of the red chamber.
However, the Senate President, Ahmad Lawan, directed the Senate Committee on Banking to grill the two re-appointed deputy governors of the CBN, Aisha Ahmad, and Edward Adamu, who will be screened on Friday, on the new cash withdrawal policy.
Senators raise motion
The resolution on the new CBN policy followed a move by Senator Philip Aduda (PDP FCT) to move a motion on the development.
Aduda had sought to rally other senators to deliberate on the policy but the Senate President, Lawan, interrupted him, saying it was too early to debate the circular.
Also, Senator Gabriel Suswam (PDP Benue North-East) supporting his colleague and pushed that the motion should be allowed to fly considering the innocent Nigerians that would be affected by the CBN policy.
Addressing Lawan, he said, “I think you should have allowed us to discuss this motion for the sake of Nigerians.”
But Lawan, who appeared not to favour the move, stopped Aduda and Suswam, saying, “No, distinguished (Senators), there is a misunderstanding here. I told you what my personal opinion is. My personal opinion is that this weekend is off. Maybe but we have an opportunity; the Committee on Banking will be screening two deputy governors of the CBN. This is one major issue they should raise with them.
“As good as the cashless policy may be, it shouldn’t be jumped at, at once. The way the CBN is going about the policy, many Nigerians would be cut off and that won’t be accepted. Motion on the policy will be thoroughly debated in the Senate on Tuesday next week after adequate information has been gotten on it.”
Lawan noted that the newly re-appointed deputy CBN governors would be screened between Thursday and Monday so that by Tuesday, they would have been equipped with enough information to raise a motion in support or shoot down the policy.
He said, “Before Tuesday next week, our committee on Banking, Insurance and other Financial Institutions mandated to screen the re – appointed deputy governors of the Central Bank should focus its questions on the planned policy.
“The CBN deputy governors must be thoroughly grilled on the policy after which extensive debate on it will be made by Senators on Tuesday next week.”
However, the lawmaker representing Kaduna Central and Chairman, Senate Committee on Banking, Insurance and other Financial Instructions, Senator Uba Sani confirmed to The PUNCH that the CBN deputy governors would be screened on Friday.
He said, “We are working on their letters, the letters will be served tomorrow (Today) and the deputy governors of the CBN will be screened on Friday.’’
The Punch
Former Vice President, Atiku Abubakar has expressed deep shock and sadness over the killing of Brigadier General Musa Uba by terrorists.
This was released through his official X page on Monday.
Criticizing the military hierarchy for failing to provide a clear explanation of the incident, he noted that initial official statements had reportedly denied the circumstances surrounding the general’s death.
He further described the tragedy as “unequivocally a failure of political leadership.”
Atiku accused President Bola Tinubu of prioritizing political battles over his responsibilities as Commander-in-Chief of the Armed Forces.
He called Gen. Musa’s death, along with those of the troops under his command, “one death too many” and warned of the dangers of a resurgent terrorist threat.
He as well urged citizens and military personnel to remain resilient, saying, “Even this season shall pass away.”
In addition, he also directed a pointed message to the President, stating that the security of Nigerians is the government’s foremost responsibility.
“You must live up to it or be humble enough to admit incompetence and either ask for help or resign,” he added.
He suggested that, if he were President, he would order the military to occupy Borno State or any other areas under siege by bandits or armed groups until they are cleared, emphasizing the need to protect those risking their lives for national security.
He extended his condolences to the Nigerian Armed Forces, the family of the deceased, and all Nigerians, expressing hope that the nation would soon overcome this dark period.
The Super Eagles’ 2026 World Cup dream suffered a major blow on Sunday as DR Congo advanced to the intercontinental playoff following a dramatic penalty shootout at the Prince Moulay Abdellah Stadium in Rabat.
Nigeria’s hopes of qualifying ended in heartbreaking fashion, marking the second consecutive year the Super Eagles will miss out on the world stage.
The match ended 1–1 after 120 minutes of regulation and extra time, sending the high-stakes encounter to penalties.
Nigeria initially went ahead through Frank Onyeka in the third minute, but DR Congo equalised in the 32nd minute through M. Elia.
The tension continued into the penalty shootout.
Nigeria’s Calvin Bassey and Moses Simon missed early chances, while Nwabali denied DR Congo’s first penalty.
Akor Adams kept the Super Eagles alive, but DR Congo struck back through Sadique and later scored the decisive fourth penalty, leaving Nigeria trailing 4–3 in the shootout.
The victory sets up DR Congo for a chance to secure one of the final World Cup tickets to the expanded 48-team tournament in the United States, Canada, and Mexico.
Nigeria’s defeat marked the second consecutive year the Super Eagles will miss out on the world stage.
Both teams had earned their places in the final after dramatic semi-finals.
Nigeria had booked their place in the final with a dramatic 4–1 extra-time win over Gabon in Thursday’s semi-final at the Moulay El Hassan Stadium.
DR Congo also advanced with a 1–0 victory over Cameroon at the Al Barid Stadium the same evening.
The Leopards now await their intercontinental playoff opponent, keeping alive their hopes of reaching the 2026 World Cup, while the Super Eagles’ campaign comes to an agonising end in Rabat.
The Peoples Democratic Party (PDP) has expelled Minister of the Federal Capital Territory (FCT) Nyesom Wike, its suspended National Secretary, Samuel Anyanwu, and former Governor of Ekiti State, Ayo Fayose.
Their expulsion was announced on Saturday at the party’s National Convention in Ibadan, Oyo State.
