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HomeTop NewsHouse of Reps summon CBN Gov Emefiele over cash withdrawal limit policy

House of Reps summon CBN Gov Emefiele over cash withdrawal limit policy

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The House of Representatives on Thursday summoned the Governor of the Central Bank of Nigeria (CBN) Godwin Emefiele, to come and explain the policy on cash withdrawal limit to the parliament.

The summon was a fallout of the heated debate on the policy, which was announced this week by the regulatory bank, putting a cap on the amount of cash depositors could withdraw over the counter (OTC), Automated Teller Machine (ATM) and Point of Sales (PoS) machine.

In the policy, the CBN stipulated N100,000 and N500,000 weekly limit withdrawal by individuals and corporate entities, while there is a limit of N20,000 withdrawal from ATM and PoS.

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A motion moved by a member of the House, Aliyu Magaji, at the plenary on Thursday triggered to debate on the policy and subsequent summon.

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 House also directed the regulatory bank to suspend the policy pending the outcome of the expected engagement with the House on compliance with the relevant sections of the CBN act and the 1999 constitution on the monetary policies of the apex bank.

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