House of Representatives, on Thursday, ordered the Central Bank of Nigeria to halt the implementation of the new cash withdrawal policy pending compliance with the provisions of the Act establishing the apex bank.
The implementation of the new cash withdrawal policy is slated for January 9, 2023.
The lawmakers 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.
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.
But following a point of order raised by Mark Gbillah on the provisions of the Central Bank Act, the House directed Emefiele to appear before the House on Thursday, December 15, 2022 to brief the House on why the policy should be allowed to stand.
Sponsor of the motion, Magaji Da’u Aliyu, said the new policy by the CBN, which limits daily cash withdrawal to N20,000 daily should not be allowed to stand as it will 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.