Economy
House of Representatives put on hold CBN cash withdrawal limits, invites Emefiele over new policy
House of Representatives has summoned the CBN Governor, Godwin Emefiele, to appear before the House on Thursday to explain the new policy on cash withdrawal limits. The new policy introduced by the CBN early in the week which, has among others, set limits to cash withdrawals for individuals to N100, 000 per week and N500, 000 for corporate entities. Some members of the House criticised the new policy at today’s plenary, saying the policy would have serious consequences and adverse effects on businesses and Nigerians.
The House Minority Leader, Ndudi Elumelu, however, said the policy would check crimes as funds would now be tracked through the banking system. He said although the timing might be wrong, the country would benefit more from it. The invitation of the CBN governor by the House was based on a motion of urgent national importance by Aliyu Magaji,
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