The House of Representatives has directed Central Bank of Nigeria to halt the implementation of its new policy on cash withdrawals limit from banks.
Consequently, the lawmakers have summoned the Central Bank of Nigeria (CBN) Governor Godwin Emefiele over the apex bank’s new policy.
This was the resolution by the lawmakers during plenary on Thursday, the recent move coming hours after the Senate raised concern over the new CBN directive.
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“The House of Representatives @HouseNGR, through a resolution, invites
@cenbank Governor @GodwinIEmefiele to appear before the House on Thursday 15th December 2022 at 11 am to shed light on the newly proposed naira redesign and withdrawal limit policies,” a tweet from the lower chamber’s handle read.
Senate Minority Leader Phillip Aduda raised a point of order during plenary on Wednesday. He asked for caution, saying the new policy on withdrawals will affect the economy.
Towing a similar line, Senate President Ahmed Lawan in his response, called for caution over the fresh directive, maintaining that it is not something that should be jumped into.
As far as he is concerned, there is a need for deliberations on the policy. He thereafter asked the Senate Committee on Banking to discuss the move when during the screening of two nominees (expected to hold next Thursday) as CBN deputy governors.
The lawmakers, therefore, set next Tuesday to debate the new CBN policy.
In a memo issued on Tuesday, December 6, signed by the Director of Banking Supervision, Haruna Mustafa, the apex bank directed all banks and other financial institutions to ensure that over-the-counter cash withdrawals by individuals and corporate entities do not exceed N100,000 and N500,000, respectively, per week.
In the new development, CBN directed that only N200 and lower denominations should be loaded into banks’ ATM machines.
The lawmakers resolved that the CBN should halt the implementation of the policy until the probe is concluded.
