Reps Summon Emefiele, Demand Suspension Of CBN’s New Cash Withdrawal Limit

The House of Representatives has summoned the Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, over the new limits imposed on cash withdrawal for individuals and organizations.

Emefiele Summoned Over CBN’s New Cash Withdrawal Limit

The lawmakers also summoned the CBN governor on Thursday, December 8, demanding the suspension of the new policy which is scheduled to take effect on January 9, 2023.

The resolution was passed during today’s plenary session following the adoption of a motion of urgent public importance sponsored by Aliyu Magaji, a lawmaker from Jigawa.

The house resolved that CBN should halt the implementation pending conclusion of probe. Emefiele is expected to appear next Thursday.

KanyiDaily recalls that the CBN had announced that individuals can only withdraw N100,000 per week (from over-the-counter, Point of Sale (PoS) Machines, or Automated Teller Machines (ATM), while organizations can access N500,000 per week.

The apex bank also limited individual Point of Service (POS) to N20,000 per day.

The Director of Banking Supervision, Haruna .B. Mustafa, who disclosed this in a memo issued on Tuesday, said Banks were also directed to load only N200 and lower denominations into their ATM.

Withdrawals above these limits, the memo stated, will attract processing fees of five per cent for individuals and 10 percent for corporate organizations.

The development has triggered mixed reactions on social media with some Nigerians commending the CBN for reducing cash supply, while others slam the apex bank for restricting citizens of the money.