Cash limits: Reps order CBN to stay action, banks adamant

House of Representatives on Tuesday insisted that the Central Bank of Nigeria must not proceed with its cash withdrawal policy.

Although the CBN Governor, Godwin Emefiele, for the second time, failed to appear before the House, the lawmakers said their December 8 directive to the apex bank to put the policy on hold had not changed.

 Amid protests and condemnation, the lawmakers rescheduled the CBN governor’s appearance for Thursday (tomorrow).

The House at its plenary on December 8 summoned Emefiele to appear before it on Thursday last week to explain the latest policy by the CBN which, among others, sets limits to cash withdrawals at the Deposit Money Banks and other financial institutions.

 Among others, the CBN, in a statement on December 6, indicated that beginning from January 9, 2023, the amounts individuals and corporate organisations could withdraw per week would not exceed N100,000 and N500,000, respectively.

 The lawmakers wanted to grill Emefiele on the policy on Thursday last week but he failed to appear at the green chamber.

The Deputy Governor, Corporate Services, CBN, Edward Adamu, in a communication to the House told the lawmakers that Emefiele was part of the entourage of the President, Major General Muhammadu Buhari (retd.), on an official trip to the United States.

Deputy Speaker of the House, Ahmed Wase, who read out the letter at the opening of plenary said Gbajabiamila had rescheduled Emefiele’s appearance to Tuesday (yesterday).

At the opening of plenary on Tuesday, the Speaker of the House, Femi Gbajabiamila, notified members that Emefiele would not be appearing before them.

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