December 08, (THEWILL) – The House of Representatives has summoned the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, over the new restrictions on cash withdrawals.
The lawmakers also directed that the policy be suspended.
The resolution was passed during a plenary session on Thursday, following the adoption of a motion of urgent public importance moved by the Chairman, House Committee on Power, Magaji Da’u Aliyu (APC Jigawa).
It resolved that Emefiele appear before it next Thursday.
In a memo issued on Tuesday, 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.
In the new development, CBN directed that only N200 and lower denominations should be loaded into banks’ ATMs.