From Victor Osula, Abuja
The House of Representatives directed the Central Bank of Nigeria to the suspend the new cash policy on withdrawal limits, following a resolution during plenary on Thursday
The House also summoned the Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, to appear next week Tuesday.
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, while also pegging ATM withdrawals at N20,000 daily.
The House’s reaction is coming on the heels of the of similar concern raised by the Senate over the new CBN directive.
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.
Agreeing with Aduda, Senate President Ahmed Lawan called for caution over the fresh directive and sued for a need for deliberations on the policy.
He thereafter asked the Senate Committee on Banking to discuss the move during December 15, 2022 when screening of two nominees as CBN deputy governors.
