On Thursday, the House of Representatives requested that the Central Bank of Nigeria suspend its most recent policy, which among other things places restrictions on the amount of cash that can be withdrawn from deposit money banks and other financial institutions.
As a result, the House called Godwin Emefiele, the Governor of the Central Bank of Nigeria, to appear and defend the policy before the legislature.
On Thursday, he will appear before the lawmakers.
Withdrawal Limits: Senate To Debate New CBN Policy On Tuesday Over Concersns
This is based on a motion of urgent public importance moved by a member of the House, Aliyu Magaji, at the plenary on Thursday.
Several lawmakers warned that the policy would have serious consequences and adverse effects on businesses and Nigerians who have no access to the banking system.
The Minority Leader, Ndudi Elumelu, however, said the policy would check crimes as funds would now be tracked through the banking system. He said though the timing might be wrong, the country would benefit more from it.
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