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BREAKING: House of Reps orders CBN to suspend new withdrawal limit

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The House of Representatives on Thursday asked the Central Bank of Nigeria (CBN) to suspend the implementation of the new cash withdrawal policy.

POLITICS NIGERIA reports that the House of Representatives said the CBN should halt the move pending full compliance with the provisions of the CBN Act establishing the bank.

The lawmakers also summoned CBN Governor Godwin Emiefele, to brief it on several policies of the bank in recent times. Emefiele is expected to appear before the House on Thursday, December 15, 2022.

During Thursday’s plenary session, many lawmakers who spoke condemned the new cash withdrawal policy, saying it will grossly affect small businesses and the economy since most rural communities don’t have access to banks.

Recall that on Tuesday, the CBN put a limit on cash withdrawals made by individuals and organisations with effect from January 9, 2023.

In a memo signed by the Director of Banking Supervision, Haruna Mustafa, the apex bank directed all banks and other financial institutions to ensure that over-the-counter cash withdrawals by individuals and corporate entities do not exceed N100, 000 and N500, 000, respectively, per week.

The decision is coming after the CBN began the distribution of its newly-redesigned bank notes.

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