House of Reps Orders CBN To Postpone New Cash Withdrawal Limit

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The House of Representatives has demanded that the Central Bank of Nigeria, CBN, postpone the January 9, 2023, implementation of the new cash withdrawal policy.

Remember that the apex bank had set daily and weekly limitations on cash withdrawals of N20,000 and N100,000.

In response, the lower legislative chamber denounced the new policy at plenary on Thursday and called CBN Governor Godwin Emiefele to give a briefing on numerous recent bank measures.

Mark Gbillah complained at a point of order that the measure will severely harm small enterprises and the economy because the majority of rural areas lack access to banks.

Mr Aliyu said the new policy by the CBN, which limits daily cash withdrawal to N20,000 daily should not be allowed to stand as it will adversely affect the Nigerian people, especially those running small-scale businesses.

He said while the country was trying to come to terms with the decision to redesign the currency, the CBN was coming up with yet another policy that will adversely affect the masses without proper advocacy.

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