The House of Representatives has instructed the Central Bank of Nigeria (CBN) to halt the implementation of the new cash withdrawal policy slated for January 9, 2023.
The lawmakers ordered the apex bank to suspend the policy pending it’s compliance with the provisions of the Act establishing the Bank.
The House also summoned CBN Governor Godwin Emiefele in accordance with the provisions of the Central Bank Act to brief the Chamber on some controversial policies of the Bank in recent times.
There was uproar in the House during Thursday’s plenary 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.
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 it on Thursday, December 15, 2022 to brief the House on why the policy should be allowed to stand.
The CBN had in a recent leaked letter to banks and other operators limited cash withdrawals by individuals to N20,000 per day and N100,000 per week.
A lot of Nigerians have however come out to criticise the policy, saying it will kill POS operations and other small businesses.