House of Representatives orders CBN to suspend new cash withdrawal limit, summons Emefiele

The House of Representatives has asked the Central Bank of Nigeria (CBN) to suspend its new policy limiting weekly cash withdrawals by individuals and corporate entities.

In a memo released on Tuesday, December 6, and signed by the Director of Banking Supervision, Haruna Mustafa, the apex bank directed all banks and other financial institutions to ensure that over-the-counter cash withdrawals by individuals and corporate entities do not exceed N100,000 and N500, 000, respectively, per week. It also directed that only N200 and lower denominations should be loaded into banks’ ATMs.

At its plenary today December 8, the lawmakers resolved that CBN should halt the implementation pending the conclusion of a probe. The House also resolved that the CBN governor should appear before the house next Thursday.

The resolution was sequel to a motion under matters of urgent public importance moved by Hon. Magaji Dau Aliyu. Apart from the minority leader, Hon. Ndudi Elumelu who supported the CBN policy in that it will curb banditry and reduce the incidence of corruption, many other lawmakers who spoke vehemently condemned the decision of the CBN.

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