New Cash Withdrawal Limit: Reps Issue Directives To CBN

The House of Representatives has asked the Central Bank of Nigeria (CBN) to halt the implementation of the new cash withdrawal policy slated for January 9, 2023.

The directive was given on Thursday, during the members sitting.

Meanwhile, there was turmoil in the House 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.

Recall that the proposed Cash Withdrawal Policy has continued to trigger unfavorable reactions from Nigerians, condemning the move by the CBN.

The resolution was a sequel to a motion under matters of urgent public importance moved by Hon. Magaji Dau Aliyu.

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.

He noted that the CBN was yet to explain to Nigerians how the redesigning of the Naira was funded, stressing that there was no approval of such expenditures by the national assembly.

To that end, the Speaker, Rep. Femi Gbajabiamila who felt convinced after confirming from some members of the relevant Committees of the House on the absence of Emefiele for the briefings relied on the sections of the laws so quoted to sustain the point of order.

He eventually heeded the prayer of the substantive motion and ruled that Emefiele be summoned to brief the House next week.

Consequently, the implementation of the new policy is halted pending compliance with the provisions of the Act establishing the bank.