The lawmakers, therefore, set next Thursday for Emefiele to address them on the new CBN withdrawal policy.
By Jeffrey Agbo
The House of Representatives has summoned the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, to plenary to explain the bank’s new policy which, among others, sets limits to cash withdrawals at the Deposit Money Banks and other financial institutions.
This is based on a motion of urgent public importance moved by a member of the House, Aliyu Magaji, at the plenary on Thursday.
Several lawmakers warned that the policy would have serious consequences and adverse effects on businesses and Nigerians who have no access to the banking system.
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Minority Leader, Ndudi Elumelu, however, said the policy would check crimes as funds would now be tracked through the banking system. He said though the timing might be wrong, the country would benefit more from it.
The lawmakers, therefore, set next Thursday for Emefiele to address them on the new CBN withdrawal policy.
Under the new withdrawal policy, 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.