Reps demand suspension of new cash withdrawal policy, summons CBN Governor

The House of Representatives has asked the Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele to suspend the weekly limits on cash withdrawals by individuals and corporate entities.

The House also invited Emefiele to appear before it on Thursday over the new restrictions on cash withdrawals.

This follows a motion of matter of urgent public importance moved by Hon. Aliyu Magaji, a member of the ruling All Progressives Congress representing Birnin-Kudu/Buji Federal Constituency of Jigawa State, during Thursday’s plenary.

On Tuesday, the CBN announced a new policy on over-the-counter withdrawals, effective 9th January, next year.

The apex bank mandated deposit money 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’ ATM machines.

The lawmakers resolved that the CBN should halt the implementation of the policy until the probe is concluded.

READ MORE  Nigeria Gets Additional $1 million Foreign Donation to Fight COVID-19

Related Articles


Please enter your comment!
Please enter your name here

Latest Articles