The House of Representatives has asked 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 House 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.
Breaking…@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.
— House of Reps NGR (@HouseNGR) December 8, 2022
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.
The recent move is coming hours after the Senate raised concern over the new CBN directive.
There was anger in the House on Thursday as members took turns to condemn the new cash withdrawal policy, saying it will grossly affect small businesses and the economy since most rural communities don’t have access to banks.
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.
Under the new withdrawal directive, the apex bank limited the maximum cash withdrawal over the counter (OTC) by individuals and corporate organisations per week to N100,000 and N500,000 in that order.
