Just in: Reps halt CBN’s cash withdrawal policy, summon Emefiele

The House of Representatives has asked the Central Bank of Nigeria (CBN) not to implement the new cash withdrawal policy slated for January 9, 2023 pending compliance with the provisions of the Act establishing the bank.

The House also summoned CBN Governor Godwin Emiefele to brief the Chamber on several policies of the bank in recent times.

The lawmakers on Thursday condemned the new cash withdrawal policy, saying it would grossly affect small businesses and the economy especially those in  the rural communities who do not have access to banks.

And following a point of order raised by 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, 2022 to brief the House on why the policy should be allowed to stand.

Magaji Da’u Aliyu, who sponsored the motion, said the new policy by the CBN, which limits daily cash withdrawal to N20,000 daily should not be allowed to stand as it would adversely affect the Nigerian people, especially those running small-scale businesses.

He said while the country was trying to come to terms with the decision to redesign the currency, the CBN was coming up with yet another policy that will adversely affect the masses without proper advocacy.