Reps Order CBN To Suspend Cash Withdrawal Policy, Summon Governor Emefiele

The House of Representatives on Thursday summoned Governor Godwin Emefiele to appear before it next Thursday even as it ordered ordered the Central Bank of Nigeria (CBN) to suspend the implementation of the new cash withdrawal policy slated to commence January 9, 2023.

GWG.NG reports that the order from the legislators follows concern among some stakeholders over the new policy.

While some believe that it would not only put cash management under the CBN, but that it would also help to the bank to manage the naira and give it its proper value. Besides, the new policy is also expected to put politicians who mobilise cash to undermine elections at bay.

GWG.ng reports that Governor Emefiele is expected to appear on Thursday 15th December 2022 at 11 am to shed light on the newly proposed naira redesign and withdrawal limit policies.

The summons was upon a resolution initiated by Rep Mark Gbillah citing the provisions of the Central Bank Act during the plenary on Thursday.

Besides the order by the House on the CBN governor to suspend the Cash withdrawal policy, the policy is expected to come under scrutiny during the screening on Friday of two deputy governors of the bank who were forwarded by President Muhammadu Buhari for a second term.

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