Cash Withdrawal Policy: Again, Emefiele Ignores Reps. Summons

Once again, the Central Bank of Nigeria’s (CBN) governor, Godwin Emefiele, has shunned the request of the House of Representatives to appear before the lower chamber.

Last week Thursday, Information Nigeria had reported that Emefiele was expected to appear before the lawmakers after a summon, but he failed to make himself available saying he was in the United States on an important assignment with President Muhammadu Buhari.

The House of Representatives postponed his appearance to December 20, but the CBN governor was yet again, absent at the plenary.

Recall that the president returned on Sunday after celebrating his birthday in US. But Emefiele informed the House of Representatives through Adamu that he was still on an official trip with Buhari.

He had been summoned by the lawmakers to shed light on the cash withdrawal limit that has been trialed by criticism among the National Assembly.

READ ALSO: Withdrawal Limit: Emefiele Fails To Appear Before Reps., Promises To Appear Soon

The withdrawal policy instructed commercial banks and other financial institutions to reduce over the counter withdrawal to N100,000 and N500,000 for individuals and businesses respectively.

Reacting to Emefiele’s reason for absence at the lower chamber, Deputy Speaker of the House, Ahmed Wase, read out Speaker of the House, Femi Gbajabiamila’s letter querying the official assignment Emefiele has been on for the last two weeks.

Also, minority leader, Ndudi Elumelu, said the lawmakers’ resolution directing the CBN to suspend the cash withdrawal limit, which will become effective on January 9, 2023, still stands if Emefiele fails to appear before the House on Thursday before the lawmakers go on break for Christmas and New Year period.

Note that aside from Emefiele, the Senate has questioned two deputy governors of the Central Bank over the cash withdrawal policy, and urged the apex bank to revise the policy.