Emefiele In Trouble As House of Representatives Halts Withdrawal Limit Policy
In order to ensure that the terms of the Act creating the bank are followed, the House of Representatives has requested that the Central Bank of Nigeria (CBN) delay the implementation of the new cash withdrawal policy scheduled to take effect on January 9, 2023.
The House also called CBN Governor Godwin Emiefele to address the Chamber over a number of recent bank policies.
The House of Representatives criticised the new cash withdrawal policy on Thursday, saying it would severely harm small businesses and the economy, particularly in rural areas where there are few banking options.
You can read more of such stories at Credible News.
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Additionally, the House of Representatives ordered the CBN Governor to appear before the House on Thursday, December 15, 2022 to address a point of order brought forth by Mark Gbillah regarding the terms of the Central Bank Act.
Magaji Da’u Aliyu, a member of the House of Representatives who sponsored the motion, said the new policy by the CBN, which limits daily cash withdrawal to N20,000 daily should not be allowed to stand as it would adversely affect the Nigerian people, especially those running small-scale businesses.
Aliyu claimed that the CBN was developing yet another policy that would negatively affect the general public without sufficient advocacy as the nation was still attempting to come to terms with the decision to redesign the currency.
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