The House of Representatives on Thursday, asked the Central Bank of Nigeria (CBN), to suspend its new policy which limits weekly cash withdrawals by individuals and corporate entities.
Recall that the CBN in a circular on Tuesday, December 6, and signed by the Director of Banking Supervision, Haruna Mustafa, directed all banks and other financial institutions to ensure that over-the-counter cash withdrawals are limited to N100,000 individuals and N500,000 corporate per week.
The apex bank also directed banks to load on denominations of N200 and lower into ATMs.
The House at its plenary on Thursday (today) resolved that CBN should halt the implementation pending the conclusion of a probe.
The House also resolved that the CBN governor Godwin Emefiele should appear before the house next Thursday to explain the policy to the parliament.
The resolutions were based in a motion under matters of urgent public importance moved by Hon. Magaji Dau Aliyu, Member Representing Birninkudu and Buji Federal Constituency,
Apart from the minority leader, Hon. Ndudi Elumelu who supported the CBN policy in that it will curb banditry and reduce the incidence of corruption, many other lawmakers who spoke vehemently condemned the decision of the CBN.
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.