Reps order suspension of cash withdrawal limits

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The House of Representatives has summoned the Central Bank of Nigeria (CBN) Governor Godwin Emefiele over the apex bank’s new policy on cash withdrawals.

The lawmakers also ordered the suspension of cash withdrawal limits by the apex bank following a resolution during plenary on Thursday.

“The House of Representatives @HouseNGR, through a resolution, invites @cenbank Governor @GodwinIEmefiele to appear before the House on Thursday 15th December 2022 at 11 am to shed light on the newly proposed naira redesign and withdrawal limit policies,” a tweet from the lower chamber’s handle read.

The recent move is coming hours after the Senate raised concern over the new CBN directive.

Senate Minority Leader Phillip Aduda raised a point of order during plenary on Wednesday. He asked for caution, saying the new policy on withdrawals will affect the economy.

Towing a similar line, Senate President Ahmed Lawan in his response, called for caution over the fresh directive, maintaining that it is not something that should be jumped into. As far as he is concerned, there is a need for deliberations on the policy. He thereafter asked the Senate Committee on Banking to discuss the move when during the screening of two nominees (expected to hold next Thursday) as CBN deputy governors.

The lawmakers, therefore, set next Tuesday to debate the new CBN policy.

Under the new withdrawal directive, the apex bank limited the maximum cash withdrawal over the counter (OTC) by individuals and corporate organisations per week to N100,000 and N500,000 in that order.

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