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| House of Representatives Speaker, Femi Gbajabiamila |
The House of Representatives has asked the Central Bank of Nigeria (CBN) to halt 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.
Members of the Green Chambers who took turns to condemn the new cash withdrawal policy opined that it would grossly affect small businesses and the economy since most rural communities don’t have access to banks.
The House, however, 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.
The member representing Buji/Birnin Kudu federal constituency Jigawa State, Hon Aliyu Magaji Da’u had in a matter of urgent public importance observed that 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.
Da’u 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.