Radio Nigeria Kaduna

Cash Withdrawal Limit : House of Representatives Directs CBN To Suspend Policy

House of Representatives has summoned the Governor of Central Bank of Nigeria Godwin Emefiele to appear before it next week to brief the house on the proposed cash withdrawal limit recently introduced by the bank.

The house has also directed the Central Bank Governor , to suspend the cash withdrawal policy until the house is satisfied with the advantages or disadvantages of the system to Nigerians.

The decision was sequel to an unanimous adoption of a motion by a member from Jigawa State Malam Magaji Aliyu, on the urgent need for the house intervene in rescinding the policy.

Mover of the motion explained that implementing the policy at this critical economic situation would no doubt affect small business owners in Nigeria , especially in the rural areas being the major drivers of the nation’s economy.

The lawmaker maintained that CBN has the right to issue monetary policies for the Nigerian economy, but the new cash withdrawal policy would definitely have a negative impact on the dwindling economy as well as the value of the nation’s currency.

Lending his voice on the motion, a member from Kano State Alhaji Aminu Sulaiman, faulted CBN on the limited time given to Nigerians to understand the policy and its failure to sensitize the people adequately before implementing the policy.

He stressed that millions of people at the rural areas have no banking services and have to travel to other areas to make financial transactions thereby creating another burden on them.

In his submission, Minority leader of the House Mr Ndudi Elumelu, was of the opinion that the new cashless policy would be of great benefit to Nigeria in curtailing banditry and corruption in the country.


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