The House of Representatives has asked the Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele to suspend the weekly limits on cash withdrawals by individuals and corporate entities.
National Infinity reports that consequently, the House summoned the Governor of the CBN, Godwin Emefiele, to appear before the lawmakers next week Thursday to explain the policy to the parliament.
This is based on a motion of urgent public importance moved by a member of the House, Aliyu Magaji, at the plenary on Thursday.
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 would check crimes as funds would now be tracked through the banking system. He said though the timing might be wrong, the country would benefit more from it.
The apex bank’s new policy mandated deposit money banks and other financial institutions to ensure that over-the-counter cash withdrawals by individuals and corporate entities do not exceed N100,000 and N500,000, respectively per week.
In the new development, CBN directed that only N200 and lower denominations should be loaded into banks’ ATM machines.
The lawmakers resolved that the CBN should halt the implementation of the policy until the probe is concluded.
