House Of Reps. Summon Emefiele Over CBN Cash Withdrawal Limits

The House of Representatives has faulted the propose policy by the Central Bank of Nigeria to set limits to cash withdrawals at Deposit Money Banks and other financial institutions.

As a result, the House summoned the Governor of the CBN, Godwin Emefiele, to come and explain the policy to the parliament.

The CBN governor is slated to appear before lawmakers next Thursday.

This is based on a motion of urgent public importance moved by a member of the House, Aliyu Magaji, in the plenary on Thursday.

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Several lawmakers noted 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, argued that the policy would prevent 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.