BREAKING: Reps Summon Emefiele, Ask CBN To Suspend New Cash Withdrawal Policy

In Breaking News, Business & Economy

By Bakare Majeed, Premium Times

The House of Representatives has summoned the Central Bank of Nigeria Governor, Godwin Emefiele, over the new restrictions on cash withdrawals.

The House resolved that Mr. Emefiele should appear before it next Thursday.

The decision to summon Mr. Emefiele followed a motion of matter of urgent public importance moved by Aliyu Magaji (APC Jigawa) on Thursday during plenary.

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’ ATM machines.

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

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