The House of Representatives received criticism from youth from the South-West under the auspices of the Oduduwa Youths Forum (OYF) on Friday for opposing the Central Bank of Nigeria’s new cash withdrawal limitations (CBN).
On Tuesday, the apex bank imposed a N100,000 cash withdrawal for individuals and a 5 percent processing charge over the counter, and a N500,000 cap for corporate entities.
The daily withdrawal limit from Automated Teller Machines (ATMs) was set by the CBN at N20,000.
On Thursday, the House of Representatives gave the CBN Governor, Godwin Emefiele, the order to halt the execution of the policy.
The OYF, however, referred to the House position as unlawful and without merit in a statement that was signed by Ade Balogun, the organization’s leader.
The statement read: “As youths from the South-West, we are disowning Gbajabiamila, over the unpopular resolution of the House of Representatives on the new cash limit under his leadership.
“The resolution is not only baseless but also illegal. Let Gbajabiamila and his allies in this infamous journey know that their resolution against the cash withdrawal limit is an act of legislative rascality that can not stand.
“We urge loyalists of President Muhammadu Buhari in the House of Representatives not to waste time in moving against Gbajabiamila.”