House of Reps orders CBN to halt cash withdrawal limit policy

Femi Gbajabiamila

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

The lawmakers took turns to criticise the CBN for 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.

The House under the leadership of Speaker Femi Gbajabiamila 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.

Emefiele is to appear before the House on Thursday, December 15, 2022 to brief the House on why the policy should be allowed to stand.

Sponsor of the motion Magaji Da’u Aliyu said the new policy by the CBN, which limits daily cash withdrawal to N20,000 daily for individuals 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.

But Minority Leader Ndudi Elumelu 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.