December 08 (THEWILL) – Northern youths have urged the Central Bank of Nigeria (CBN), to ignore the resolution of the House of Representatives on the cash withdrawal limits.
CBN had in a memo by the Director of Banking Supervision, Haruna Mustafa, Tuesday, restricted over-the-counter cash withdrawals by individuals and organisations to N100,000 and N500,000, respectively, per week.
It also limits cash withdrawals via point-of-sale machines and automated teller machines to N20,000 daily and N100,000 weekly, respectively.
In its reaction on Thursday, the House of Representatives resolved and asked the CBN to halt the implementation of the policy slated for January 9, 2023, pending compliance with the provisions of the Act establishing the apex Bank.
The House also summoned the CBN Governor, Godwin Emiefele, in accordance with the provisions of the Central Bank Act, to brief the Green Chamber on several policies of the Bank in recent times.
But, speaking on Thursday, in Abuja, at a joint meeting led by its co-convener, Comrade Godwin Meliga, the Northern Youths berated the Speaker of the House of Representatives, Femi Gbajabiamila, alleging that he is working for his political godfathers against the CBN cash limit.
Meliga described the lawmaker’s resolution as “illegal and provocative”, adding that the aggrieved lawmakers should head to court if they are not comfortable with the apex bank’s transformative policies.
“The decision of the Speaker Hon. Femi Gbajabiamila-led House of reps to order CBN to halt the CBN CASH withdrawal policy has been condemned and rejected by us.
“We describe the decision as illegal and a case of Legislative Rascality’ taken too far in a bid to protect the interest of godfathers, who wants to use illicit funds to buy votes and launder ill-gotten wealth, and urged the CBN to ignore the resolutions.”
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