8 December 2022The House of
Representatives has summoned the Central Bank of Nigeria, CBN governor, Godwin Emefiele, over limits to cash withdrawals at the Deposit Money Banks and other financial institutions
The house which cruicised the new policy introduced by the Central Bank of Nigeria which says he to appear before the house to explain the policy to the parliament.He is to appear before the lawmakers on Thursday.
This followed a motion of urgent public importance moved by a member of the House, Aliyu Magaji, at the plenary on Thursday.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 new withdrawal policy of the apex bank slammed a restriction on maximum cash withdrawal over the counter (OTC) by individuals and corporate organisations per week, giving room for only N100,000 and N500,000 respectively, in a circular signed by the Director, Banking Supervision Department of CBN, Mr. Haruna Mustafa, to all deposit money banks (DMBs) and other financial institutions (OFIs).It also directed that only N200 and lower denominations should be loaded into banks’ ATMs, adding that the maximum cash withdrawal per week via ATM should be N100,000 subject to a maximum of N20,000 cash withdrawal per day.
