Suspend new cash withdrawal limit, Reps order CBN

Marcus Amudipe
Marcus Amudipe


The House of Representatives has directed the Central Bank of Nigeria, to stop the January 9, 2023, implementation of the new cash withdrawal policy.

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

Recall that the apex bank had limited cash withdrawal limits to N20,000 daily and N100,000 weekly.

According to The Nation, the lower legislative chamber, during plenary on Thursday condemned the new policy, summoning the CBN governor, Godwin Emiefele, for briefing on several policies of the bank in recent times.

Emefiele was asked to make an appearance Thursday next week to explain to the House on the impact and significance of the new policy.

Magaji complained during a point of order that the law would severely harm small businesses and the economy because the majority of rural areas lack access to banks.

The new CBN policy, which restricts daily cash withdrawal to N20,000 daily, should not be allowed to stand, according to Mr. Aliyu, as it will have a negative impact on Nigerians, particularly those who operate small businesses.

He claimed that the CBN was developing yet another policy that would negatively affect the general public without proper advocacy while the nation was still attempting to come to terms with the decision to redesign the currency.

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