Reps ask CBN to suspend new Cash Withdrawal Limits, summons CBN Governor

The House of Representatives has asked the Central Bank of Nigeria to immediately suspend its latest policy on revised cash withdrawal limits.

The House also invited the Governor of the CBN, Mr Godwin Emefiele, to appear before lawmakers on Thursday 15 December 2022, to answer questions on the series of policies the apex bank had churned out lately.

The House resolution, which was taken at 08 December 2022 Thursday’s plenary presided over by the Speaker, Rep. Femi Gbajabiamila, directed that the cash policy should be suspended pending the outcome of Emefiele’s appearance before lawmakers.

Report from the House is that, following a motion on urgent national importance moved by Rep. Aliyu Magaji, most lawmakers kicked against the policy saying it was too harsh and sudden for Nigerians, especially the poor majority residing in the rural areas.

They argued that the majority of small businesses would go under, while inflation might worsen in the long run, altogether defeating any gains expected from the policy.

However, House Minority Leader, Rep. Ndudi Godwin Elumelu, vehemently opposed the motion, describing the CBN’s policy as the best step taken so far to tackle banditry, kidnapping, and other crimes that involved the payment of ransoms in cash.

A majority voice vote eventually passed the resolution, asking the CBN to suspend the policy and inviting Emefiele to appear before members on the floor on Thursday, next week.

Read More Post on the New Naira Notes and Cash Withdrawal Limits below

CBN imposes new Cash Withdrawal limits on Nigeria Bank Accounts – Full Circular to Banks
Reps ask CBN to suspend new Cash Withdrawal Limits, summons CBN Governor
CBN Circular on Revised Cash Withdrawal Limits effective 09 January 2023
CBN Launches Old Naira to New Naira Notes Swap Programme
CBN extends deadline for acceptance of old naira notes to February 2023
Full Press Statement by CBN on Progress of Implementation of New Naira Notes & Extension of Deadline till February 2023

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