House of Reps Orders CBN to Revert His Directive on Cash Withdrawal's Limit

House of Reps Orders CBN to Revert His Directive on Cash Withdrawal's Limit

  • House of Representatives has ordered the CBN to suspend its directives to banks to limit cash withdrawals to N100,000 for individuals and N500,000 for organisations per week
  • Many lawmakers have argued that the new policy will cripple small businesses and have economic effects in rural areas with limited banks
  • The green chamber had also ordered the apex bank governor, Godwin Emefiele, to appear before the house on Thursday

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FCT, Abuja - The Central Bank of Nigeria has been ordered by the house of representatives to stop the implementation of its new cash withdrawal policy scheduled to commence on January 9, 2023, till it complies with the Act that established the bank.

The house of assembly also summoned the CBN governor, Godwin Emefiele, following the provision of the central bank Act, which required the apex bank to brief the lawmakers on the bank policies in recent times, The Nation reported.

Read also

Trouble for CBN governor as lawmakers make stong decision over cash withdrawal limit policy

Godwin Emefiele/House of Representatives/CBN/CBN Policies/Cash Withdrawals
House of reps orders CBN to suspends directives on cash withdrawals Photo Credit: House of Representatives
Source: Twitter

Latest about CBN directive on cash withdrawals policy, limit

On Thursday, December 8, the green chamber erupted in noise as members condemned the new cash withdrawal policy, stating that it will have a gross effect on small businesses and the economy because most rural communities don't have access to banks.

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In a memo on Tuesday, December 6, the CBN ordered all banks and financial institutions that cash withdrawals by individuals and organisations not exceed N100,000 and N500,000.

The memo further directed that the banks should only load N200 and lower denominations should only be loaded into ATMs at banks.

Latest about house of representatives, CBN, Godwin Emefiele, Money Policy, cash policy, 2023 election

On Thursday, the legislators concluded that the CBN should suspend the implementation of the directives until the end of the probe.

Read also

Lawmakers Order CBN To Suspend New Cash Withdrawal Limit, summon Emefiele

They also ordered that the CBN governor, Godwin Emefiele, should appear before the house on Thursday, December 15.

"Perfect Stealing Inside Bank": Nigerians react as man caught stealing inside bank

Legit.ng earlier reported that reactions have started trailing the video of an unnamed man who was caught on CCTV stealing money from a cashier's desk in a bank its name is yet to be revealed.

Some Nigerians are saying the thief go away with the money because most banks in Nigeria did not have CCTV monitoring teams and they go to know when the bank needs to balance their account.

Others are of the view that the culprit is a strong man without a conscience, wondering how someone will have the confidence to steal money in a banking hall.

Source: Legit.ng

Authors:
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Bada Yusuf (Politics and Current Affairs Editor) Yusuf Amoo Bada is an accomplished politics and current affairs editor, boasting over 7 years of experience in journalism and writing. He is a graduate of OAU, and holds Diploma in Mass Comm. and BA in Literature in English. He has obtained certificates in Leadership and received the "Certificate for Breakthrough of the Year 2022" in recognition of his great performance during his first year at Legit.ng. Worked as Editor with OperaNews. Contact: bada.yusuf.amoo@corp.legit.ng or call 08161717844

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