New Cash Withdrawal Limit, Reps Summon Emefiele

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The Central Bank of Nigeria (CBN) Governor, Godwin Emefiele will appear before the House of Representative over its bank’s new policy on cash withdrawals.

Emefiele had Under the new withdrawal directive, said that the apex bank, among other banks will limit the maximum cash withdrawal over the counter (OTC) by individuals and corporate organizations per week to N100,000 and N500,000 in that order.

However, the Green Chamber in its plenary on Thursday resolved to summon the Emefiele to come and explain why the apax bank gave such directive.

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. As far as he is concerned, there is a need for deliberations on the policy. He thereafter asked the Senate Committee on Banking to discuss the move when during the screening of two nominees (expected to hold next Thursday) as CBN deputy governors.

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The lawmakers, therefore, set next Tuesday to debate the new CBN policy.


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