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Reps order CBN to suspend new cash withdrawal limit




Reps order CBN to suspend new cash withdrawal limit %Post Title







The House of Representatives has asked the Central Bank of Nigeria, CBN, to halt the implementation of the new cash withdrawal policy slated for January 9, 2023.

Recall that the apex bank had limited cash withdrawal limits to N20,000 daily and N100,000 weekly.

The House  criticised the new policy introduced by the Central Bank of Nigeria which, among others, sets limits to cash withdrawals at the 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.

He is to appear before the lawmakers on Thursday.

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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