Nigeria’s House of Representatives on Thursday directed the apex bank, Central Bank of Nigeria (CBN) to halt the implementation of the new policy on limit in cash withdrawal expected to commence January 9, 2023.
The CBN had on Tuesday announced a cash withdrawal limit to N20,000 daily and N100,000 weekly for individuals account holders and maximum of N500,000 only per week for corporate account holders.
The lower chamber of Nigerian Parliament in reacting to the policy during plenary on Thursday, condemned it and summoned the CBN Governor, Godwin Emiefele for briefing on several policies of the bank in recent times.
While raising a point of order, a parliamentarian from Benue State, Hon. Mark Gbillah lamented that the law would grossly affect small businesses and the economy since most rural communities don’t have access to banks.
The lawmakers said the new policy by the CBN should not be allowed to stand as it will adversely affect the Nigerian people, especially those running small-scale businesses.
Parliamentarians said while the country was trying to come to terms with the decision to redesign the currency, the CBN was coming up with yet another policy which they said will adversely affect the masses without engaging in proper advocacy.
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