The House of Representatives has summoned the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, over the apex bank’s new policy on cash withdrawals.
The lawmakers, at a plenary on Thursday, ordered Emefiele to appear before the House on Thursday, December 15, 2022, to shed light on the newly proposed naira redesign and withdrawal limit policies.
The latest development is coming barely 24 hours after the Senate raised concern over the new CBN directive.
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Senate Minority Leader, Phillip Aduda, who raised a point of order during plenary on Wednesday, asked for caution, saying the new policy on withdrawals will affect the economy.
CBN, on Tuesday, announced N500,000 as the maximum withdrawal by corporate organisations and N100,000 by individuals with effect from January 9, 2023.
The apex bank also limited daily cash withdrawal at Point of Sale (PoS) terminals to N20,000.
It ordered banks to load only N200 and lower denominations into their Automated Teller Machine (ATM), noting that the move was in line with its cashless policy.
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