Reps Order Suspension Of CBN’s Account Withdrawal Limit

Reps Order Suspension Of CBN’s Account Withdrawal Limit

The House of Representatives has also ordered the suspension of cash withdrawal limits by the apex bank following a resolution during plenary on Thursday.

The lawmakers today summoned Central Bank of Nigeria (CBN) Governor Godwin Emefiele over the apex bank’s new policy on cash withdrawals. The CBN governor is slated to meet with lawmakers next Thursday.

The recent development comes hours after the Senate raised concerns about the new CBN directive.

ALSO READ: House Of Reps. Summon Emefiele Over CBN Cash Withdrawal Limits

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.

Towing a similar line, Senate President Ahmed Lawan in his response, called for caution over the fresh directive, maintaining that it is not something that should be jumped into.

According to him, there is a need for deliberations on the policy. He subsequently asked the Senate Committee on Banking to discuss the move during the screening of two nominees (expected to occur next Thursday) as CBN deputy governors.

Next Tuesday, lawmakers will debate the new CBN policy.

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.


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