The House of Representatives has asked the Central Bank of Nigeria (CBN) to suspend its new policy limiting weekly cash withdrawals by individuals and corporate entities.
The House also resolved that the CBN governor should appear before the house next Thursday.
In a memo released on Tuesday, December 6, and signed by the Director of Banking Supervision, Haruna Mustafa, the apex bank directed all banks and other financial institutions to ensure 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.
At its plenary today December 8, the lawmakers resolved that CBN should halt the implementation pending the conclusion of a probe.
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.
The lawmakers, therefore, set next Tuesday to debate the new CBN policy.
Apart from the minority leader, Hon. Ndudi Elumelu who supported the CBN policy in that it will curb banditry and reduce the incidence of corruption, many other lawmakers who spoke vehemently condemned the decision of the CBN.
