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Wednesday, February 1, 2023

BREAKING: House of Reps summons Emefiele, orders CBN to suspend new 100k cash withdrawal limit from banks

The House of Representatives has ordered 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 House also 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.

Recall, on Tuesday, December 6, 2022, the CBN in a memo to banks said individuals will only be able to withdraw N100,000 per week (from over-the-counter, point-of-sale machines or automated teller machines), while organisations can access N500,000 per week

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The memo signed by the CBN’s Director of Banking Supervision, Haruna Mustafa, directed banks to load only N200 and lower denominations into their ATMs. This means Nigerians will only be able to withdraw N20,000 per day from ATMs when the directive becomes effective.

Meanwhile, some Nigerians have expressed their dissatisfaction over the new Central Bank of Nigeria’s (CBN) withdrawal limit.

Also, There was anger in the House on Thursday as members took turns to condemn 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.

However, following a point of order raised by Mark Gbillah on the provisions of the Central Bank Act, the House directed the CBN Governor 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 should not be allowed to stand as it will adversely affect the Nigerian people, especially those running small-scale businesses.

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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.

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