Rep Summon Emefieile, Demand Suspension of Cash Withdrawal Limit

The House of Representatives is demanding the Central Bank of Nigeria (CBN) to suspend the limits on weekly cash withdrawals by individuals and corporate entities.

Rep Summon Emefieile, Demand Suspension of Cash Withdrawal Limit

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

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The lawmakers also summoned Godwin Emefiele, governor, over the new policy scheduled to take effect on January 9, 2023.

TalkGlitz had reported on December 7, that the issued a memo 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.

It also directed that only N200 and lower denominations should be loaded into banks’ ATMs.

However, at the plenary, the lawmakers resolved that should halt the implementation pending the conclusion of the probe.

Emefiele is expected to appear next Thursday.

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