News

Reps Ask CBN To Suspend New Cash Withdrawal Policy

The House of Representatives on Thursday asked the Central Bank of Nigeria to suspend its latest policy which, among others, sets limits to cash withdrawals at deposit money banks and other financial institutions.

Consequently, the House summoned the Governor of the CBN, Godwin Emefiele, to come and explain the policy to the parliament.

This is based on a motion of urgent public importance moved by a member of the House, Aliyu Magaji, at the plenary on Thursday.

Several lawmakers warned that the policy would have serious consequences and adverse effects on businesses and Nigerians who have no access to the banking system.

The Minority Leader, Ndudi Elumelu, however, said the policy would check crimes as funds would now be tracked through the banking system. He said though the timing might be wrong, the country would benefit more from it.

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