BREAKING: Reps Orders CBN To Suspend New Cash Withdrawal Limit

The House of Representatives has asked the Central Bank of Nigeria (CBN) to halt the implementation of the new cash withdrawal policy slated for January 9, 2023 pending compliance with the provisions of the Act establishing the bank.

Recall that the apex bank had limited cash withdrawal limits to N20,000 daily and N100,000 weekly.

The House also summoned CBN Governor Godwin Emiefele in accordance with the provisions of the Central Bank Act to brief the Chamber on several policies of the bank in recent times.

While raising a point of order, Mark Gbillah lamented that the law would grossly affect small businesses and the economy since most rural communities don’t have access to banks.

Sponsor of the motion, Magaji Da’u Aliyu, said the new policy by the CBN, which limits daily cash withdrawal to N20,000 daily should not be allowed to stand as it will adversely affect the Nigerian people, especially those running small-scale businesses.

He said while the country was trying to come to terms with the decision to redesign the currency, the CBN was coming up with yet another policy that will adversely affect the masses without proper advocacy.