Breaking: Reps orders CBN to suspend new cash withdrawal limit policy

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The House of Representatives has requested that the Central Bank of Nigeria () postpone the implementation of the new cash withdrawal policy, scheduled for January 9, 2023, until the provisions of the Act establishing the bank are met.

In accordance with the provisions of the Central Bank Act, the House also summoned CBN Governor Godwin Emiefele to brief the Chamber on the bank’s recent policies.

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On Thursday, members of the House took turns criticising the new cash withdrawal policy, claiming it will harm small businesses and the economy because most rural communities lack access to banks.

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However, in response to Mark Gbillah’s point of order on the provisions of the Central Bank Act, the House directed the CBN Governor to appear before the House on Thursday, December 15, 2022, to brief the House on why the policy should be allowed to stand.

The motion’s sponsor, Magaji Da’u Aliyu, said the CBN’s new policy, which limits daily cash withdrawals to N20,000, should not be allowed to stand because it will harm Nigerians, particularly those running small businesses.

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He claimed that while the country was grappling with the decision to redesign the currency, the CBN was enacting yet another policy that would harm the masses if proper advocacy was not provided.

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