JUST-IN: Reps Tell CBN To Suspend New Cash Withdrawal Policy

The House of Representatives has asked the Central Bank of Nigeria (CBN) to halt the implementation of the new cash withdrawal limit policy slated for January 9, 2023, pending compliance with the provisions of the Act establishing the apex Bank.

The House also summoned the CBN Governor, Godwin Emiefele, in accordance with the provisions of the Central Bank Act to brief the Green Chamber on several policies of the Bank in recent times.

Members of the Lower Chamber of the National Assembly, who took turns to condemn the new cash withdrawal policy, opined that it would grossly affect small businesses and the economy since most rural communities don’t have access to banks.

The House, however, directed the CBN Governor to appear before it on Thursday, December 15, 2022, to brief lawmakers on why the cash withdrawal limit policy should be allowed to stand.