House Of Reps Orders CBN To Halt New Cash Withdrawal Limits

Date:

Reading time: 1 Minute

 

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

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

He is to appear before the lawmakers on Thursday.

This is based on a motion of urgent public importance moved by a member of the House, Aliyu Magaji, at the plenary on Thursday.

Several lawmakers warned that the policy would have serious consequences and adverse effects on businesses and Nigerians who have no access to the banking system.

The Minority Leader, Ndudi Elumelu, however, said the policy would check crimes as funds would now be tracked through the banking system.

He said though the timing might be wrong, the country would benefit more from it.

Share post:

Subscribe

spot_imgspot_img

Popular

More like this
Related

Police Arrest Man, Girlfriend Over Alleged Murder of 70-Year-Old Woman in Enugu

Operatives from the Anti-Kidnapping Tactical Squad of the Enugu...

Ogun Deputy Governor Receives Prestigious Engineering Fellowship Award

The Deputy Governor of Ogun State, Engr. Noimot Salako-Oyedele,...

National Assembly Approves Life Sentences for Drug Offenders, Passes RMAFC Reform Bill

The National Assembly has approved amendments to the National...

How My Ex-Husband’s Abuse Shattered My Career – Olajumoke Orisaguna

Olajumoke Orisaguna, the Nigerian model popularly known as “Olajumoke...