The House of Representatives has summoned the Governor of the Central Bank of Nigeria (CBN) to appear before the house to justify the apex bank’s new policy on cash withdrawals.
The lawmakers also ordered the suspension of cash withdrawal limits by the apex bank following a resolution during plenary on Thursday.
The House of Representatives @HouseNGR, through a resolution, invites
@cenbank Governor @GodwinIEmefiele to appear before the House on Thursday 15th December 2022 at 11 am to shed light on the newly proposed naira redesign and withdrawal limit policies,” a tweet from the lower chamber’s handle read.
This development comes on the back of the Senate raising concerns over the new CBN directive which was reported by
Senate Minority Leader Phillip Aduda raised a point of order during plenary on Wednesday. He asked for caution, saying the new policy on withdrawals will affect the economy.
Senate President Ahmed Lawan in his response, called for caution over the directive, maintaining that it is not something that should be jumped into.
Under the new withdrawal directive, the apex bank limited the maximum cash withdrawal over the counter (OTC) by individuals and corporate organisations per week to N100,000 and N500,000 in that order.