Cash Withdrawal Limit: Lawmakers Oppose CBN, Summon Emefiele

The House of Representatives has asked the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele to suspend the implementation of the cash withdrawal policy slated for January 9, 2023.

It also summoned Mr. Emiefele by the provisions of the Central Bank Act to brief the Chamber on several policies of the bank in recent times.

The suspension is to last pending the outcome of the expected engagement with the House on compliance with the relevant sections of the CBN act and the 1999 constitution on the monetary policies of the apex bank.

Supporting the CBN policy, Hon. Ndudi Elumelu stated that the policy will curb banditry and reduce the incidence of corruption, but many other lawmakers who spoke vehemently condemned the decision of the CBN.