Lawmakers Order CBN to Suspend New Cash Withdrawal Limit, Summon Emefiele

Lawmakers Order CBN to Suspend New Cash Withdrawal Limit, Summon Emefiele

  • Godwin Emefiele, the Central Bank of Nigeria, has been summoned by lawmakers
  • They want answers and clarification on various CBN policies, which include the latest cash withdrawal limit
  • Emefiele is expected to appear before the lawmakers on December 15, 2022, the same day that new Naira notes are expected to enter circulation

The House of Representatives has asked the Central Bank of Nigeria (CBN) to halt the implementation of the new cash withdrawal policy .

The policy is expected to kick off on January 9, 2023, pending.

The lawmakers on Thursday, 8 December said the order to CBN complies with the Act's provisions establishing the bank.

Lawmakers, CBN, cash withdrawal
Lawmakers not happy with CBN cash withdrawal policy Credit: @reps
Source: Facebook

CBN asked to come to give an explanation

The House also called on CBN Governor Godwin Emiefele to inform the chamber on recent bank policy.

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Dring the penalty the House took turns criticizing the new cash withdrawal policy, claiming it will harm small companies and the economy because most rural regions lack access to banks.

What happened during the plenary

Mark Gbillah raised the point of order before the House directed the CBN Governor to appear on December 15, 2022, to explain why the policy should be allowed to stand.

Sponsor of the motion, Magaji Da’u Aliyu, said 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.

He 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.

NCC reveals list of mobile phones Nigerians must not buy or use

In another report, has revealed that the Nigerian Communications Commission (NCC) released a list of unapproved phones that Nigerians are not permitted to purchase or use.

The commission also advised against using the mentioned gadgets and warned against counterfeits.

Most of the phones listed are available in the market and can be purchased for as little as N2,000.


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