By Nicholas Ojo
The House of Representatives have summoned the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele over the new policy on cash withdrawals introduced by the Apex bank.
Quest Times had reported how the apex bank, in a memo on Tuesday, announced a limit on cash withdrawals made by individuals and organisations with effect from 9 January.
The bank directed that over-the-counter cash withdrawals by individuals and corporate entities do not exceed N100, 000 and N500, 000, respectively, per week. It also directed that only N200 and lower denominations should be loaded into banks’ ATMs.
Açcording to the memo the maximum cash withdrawal per week via ATM should be N100,000 subject to a maximum of N20,000 cash withdrawal per day.
At plenary on Wednesday, some senators raised concerns about the new policy with fears that many Nigerians will be affected negatively.
However, House of Representatives member who also criticised the development on Thursday 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, Açcording to 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.