House of Rep Summons CBN Governor Over Naira Withdrawal Limits

The House of Representatives has asked the CBN Governor, Godwin Emefiele to appear before the House Committee on Banking and Finance.

This is coming a few days after the central bank released a circular that limits naira withdrawal to N100,000 a week. 

Several Lawmakers expressed negative concern about the policy, stating that it has unbearable consequences on ordinary Nigerians as well as the overall economy.  

During plenary on Thursday, a motion of urgent public importance which was moved by Hon. Aliyu Magaji called the attention of the house to the new policy, pointing out that it poses a danger to the country’s economy particularly the rural areas where financial inclusion is still such a challenge.

A number of lawmakers who also joined the debate warned that the policy would have serious consequences and adverse effects on many businesses. 

However, the house minority leader, Hon Ndudi Elumelu spoke in support of the policy, noting that although the timing might be wrong, the policy will nonetheless check crime as funds would now be tracked through the banking system. 

Investors King could recall that the Central Bank of Nigeria in a memo disclosed that daily withdrawal on the counter is now capped at N100,000 while ATM will henceforth dispense N200 notes.

As expected, the new policy has been generating mixed feelings as some groups and associations including the Association of Mobile Money Operators of Nigeria lamented that the policy will cripple their business. 

They added that Nigeria is not yet ripe for such a policy as millions of Nigerians who have no bank account still transact with cash. 

Similarly, a cross-section of experts has argued that though the policy is a right move in the right direction as it aligns with the CBN’s agenda on cashless policy, they nonetheless positioned that Nigeria lacks the necessary telecommunication infrastructure to operate and stimulate the new policy.