- Tells CBN to suspend action on policy
The House of Representatives on Thursday ordered the Central Bank of Nigeria (CBN) to suspend further action on the announced policy limiting the amount of cash individuals and corporate entities can withdraw. The policy is slated to commence on January 9, 2023, pending compliance with the provisions of the Act establishing the bank.
The House also resolved to summon the 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.
Members who took turn to speak on the issue tongue lashed the policy, stating that small and medium enterprises would be so badly affected to the point that the economy would be worse off than it presently is as many rural dwellers have no access to banking services.
However, following a point of order raised by Mark Gbillah 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.
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.