January 27, 2023
House Of Reps Orders Halt Of CBN Cash Withdrawal Policy, Summons Bank Governor
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House Of Reps Orders Halt Of CBN Cash Withdrawal Policy, Summons Bank Governor

House Of Reps Orders Halt Of CBN Cash Withdrawal Policy, Summons Bank Governor

The lower chamber of the National Assembly has ordered the suspension of the Central Bank’s new policy on cash withdrawals by individuals and corporate entities.  

At the plenary session yesterday, the House of Representatives also summoned Godwin Emefiele, CBN Governor.  

In raising a motion of urgent importance, Aliyu Magaji, a lawmaker from Jigawa, stated that small businesses – which he described as drivers of Nigeria’s economy – are not inclined to use the electronic banking system as most of them are either illiterate, half-educated, or not learned at all.  

The lawmaker warned that these Nigerian s will be seriously negatively affected and their source of livelihood may be seriously impaired by the new directives of CBN.  

Ndudi Elumelu, House Minority Leader, disagreed with the motion, saying the cash withdrawal policy will eventually tackle insecurity and instead called for an extension of the policy’s implementation.

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