ONLY ON: Reps summon Emefiele on CBN cash-out limits – Punch Newspapers

The House of Representatives has criticized the new policy introduced by the Central Bank of Nigeria which, among other things, sets limits on cash withdrawals at Deposit Money Banks and other financial institutions.

Accordingly, the House summoned the CBN Governor, Godwin Emefiele, to come and explain the policy to parliament.

On Thursday he will appear before legislators.

This builds on a motion of urgent public importance introduced by a House member, Aliyu Magaji, in plenary on Thursday.

Several lawmakers warned that the policy would have serious consequences and adverse effects for businesses and Nigerians who do not have access to the banking system.

However, minority leader Ndudi Elumelu said the policy would control crime as the funds would now be traced through the banking system. He said that while the timing might be wrong, the country would benefit more from it.

Details later…

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