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House of Reps orders CBN to suspend new cash withdrawal limit

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The House of Representatives has asked the Central Bank of Nigeria (CBN) to stop a new cash withdrawal policy from going into effect on January 9, 2023, until the bank complies with the rules set out in the law that made it possible for the bank to exist.

In accordance with the Central Bank Act, the House also requested that CBN Governor Godwin Emiefele discuss the bank's policies over the past few years.

On Thursday, members of the House condemned the new cash withdrawal policy, claiming it will have a devastating impact on small businesses and the economy, given that most rural communities lack access to banks.

In response to Mark Gbillah's point of order regarding the provisions of the Central Bank Act, the House ordered the CBN Governor to appear before the House on Thursday, December 15, 2022, to explain why the policy should be allowed to stand.

The motion's sponsor, Magaji Da'u Aliyu, argued that the CBN's new policy, which limits daily cash withdrawals to N20,000, should not be allowed to stand because it will negatively impact the Nigerian populace, particularly small-scale business owners.

He stated that while the nation was still coming to terms with the decision to redesign the currency, the CBN was developing yet another policy that would negatively impact the populace without adequate advocacy.

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