Reps ask CBN to suspend new cash policy, summon Emefiele

THE House of Representatives has asked the Governor of Central Bank of Nigeria, Godwin Emefiele, to suspend implementation of the new cash withdrawal policy of the apex bank pending conclusion of probe into the new policy.

It also summoned Emefiele to appear before it over the new policy, which takes effect on January 9, 2023.

A memo signed by Haruna Mustafa, the Director of Banking Supervision at CBN, on Tuesday 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.

The bank also directed that only N200 and lower denominations and loaded into Automated Teller Machines (ATM).

But during Thursday’s plenary, the lawmakers said the new policy would affect small scale business which the described as the drivers of the economy.

The house, following the adoption of a motion of urgent public importance sponsored by a lawmaker from Jigawa, Aliyu Magaji, resolved to intervene.

Magaji had said, “These set of Nigerians who are the drivers of Nigeria’s economy will be seriously negatively affected and their business and source of livelihood may be seriously impaired with these new directives of CBN.

“The new policies rolled out by CBN will hurt the already dwindling economy, and further weakens the value of Nigeria as Nigerians may resolve to use dollars and other currencies as a means of trading and thus further de-valued naira and weakens the economy.”

Following a point of order raised by Mark Gbillah from Benue State on the provisions of the Central Bank Act, the house directed the CBN Governor to appear before the house on December 15, 2022 to brief the house on why the policy should be allowed.