The House of Representatives has requested the Central Bank of Nigeria (CBN) suspend the implementation of the new cash withdrawal limit policy, which is set to take effect on January 9, 2023, pending compliance with the provisions of the Act establishing the apex bank.
In accordance with the provisions of the Central Bank Act, the House also summoned the CBN Governor, Godwin Emiefele, to brief the Green Chamber on several recent policies of the Bank.
Members of the National Assembly's Lower Chamber, who took turns condemning the new cash withdrawal policy, opined that it would severely harm small businesses and the economy because most rural communities lack access to banks.
The House, on the other hand, ordered the CBN Governor to appear before it on Thursday, December 15, 2022, to brief lawmakers on why the cash withdrawal limit policy should be allowed to stand.