House Of Reps Summon Emefiele Over CBN Cash Withdrawal Limits

The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele has been summoned by the House of Representatives.

Emefiele was directed to appear before the house following some new policy put in place by the apex bank.

Recall that CBN on Tuesday set limits to cash withdrawals at the Deposit Money Banks and other financial institutions.

CBN limited over-the-counter cash withdrawals by individuals and corporate entities to N100,000 and N500,000 per week, respectively.

According to Nigeria’s apex bank, the new policy will take effect nationwide on January 9, 2023.

Lawmakers in their summon to the CBN Governor charged him to come and explain the policy to the parliament.
He is to appear before the lawmakers on Thursday.

This comes after a member of the House, Aliyu Magaji during plenary on Thursday moved a motion of urgent public importance.

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.

The Minority Leader, Ndudi Elumelu, however, said the policy put in place by the apex bank would check crimes as funds would now be tracked through the banking system.

According to Elumelu, though the timing might be wrong, the country would benefit more from it.