Breaking: Reps orders CBN to suspend new cash withdrawal limits
The Federal House of Representatives has ordered the Central Bank of Nigeria (CBN) to halt the implementation of the new cash withdrawal policy slated for January 9, 2023 pending compliance with the provisions of the Act establishing the bank.
The lawmakers also summoned CBN Governor Godwin Emiefele in accordance with the provisions of the Central Bank Act to brief the Chamber on several policies of the bank in recent times.
At Thursday’s plenary presided over by Speaker Femi Gbajabiamila, there was anger as members took turns to condemn the new cash withdrawal policy.
Some of them argued that the policy would grossly affect small businesses and the economy since most rural communities don’t have access to banks.
Sequel to a point of order raised by Rep Mark Gbillah on the provisions of the Central Bank Act, the House directed the CBN Governor to appear before the House on Thursday, December 15.
Emefiele is expected to come and brief the lawmakers on why the policy should not be scrapped forthwith against the backdrop of its negative multiplier effects.
