The House of Representatives has criticized the Central Bank of Nigeria’s new policy, which bans cash withdrawals from Deposit Money Banks and other financial institutions, among other things.
As a result, the House summoned CBN Governor Godwin Emefiele to appear and explain the policy before the legislature.
On Thursday, he will appear before the lawmakers.
NEWS FLASH: CBN Limits Cash Withdrawals To N100,000 Per Week
This is based on a motion of urgent public concern introduced by Aliyu Magaji, a member of the House, during the plenary on Thursday.
Several lawmakers warned that the policy would have serious ramifications for businesses and Nigerians without access to the banking system.
However, Minority Leader Ndudi Elumelu stated that the policy would reduce crime because cash would now be tracked through the banking system. He stated that, while the timing may be off, the country will profit more from it.
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