The House of Representatives has asked the Central Bank of Nigeria (CBN) to suspend 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 Green Chamber also summoned the 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.
These decisions followed a motion sponsored by Hon. Magaji Aliyu, (APC Jigawa) on Thursday at plenary.
House of Representatives correspondent Linda Ike reports that contributing to the motion, Lawmakers said the new policy by the CBN, which limits daily cash withdrawal to N20,000 should not be allowed to stand as it will adversely affect Nigerians especially those running small-scale businesses.
However, another Lawmaker, Hon. Ndudi Elumelu supported the CBN’s policy, saying that it will help in combating banditry in the country.
Following a point of order by Hon. 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
