Reps Summon Emefiele, Demand Suspension of CBN Withdrawal Restrictions

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The Central Bank of Nigeria (CBN) has been asked by the house of representatives to suspend the restrictions on corporate and individual cash withdrawals each week.

The CBN governor, Godwin Emefiele, was also called before the MPs to testify over the new regulation set to go into effect on January 9, 2023.

Following the acceptance of a motion of urgent public concern submitted by Jigawa MP Aliyu Magaji, the resolution was passed during a plenary session on Thursday.

The apex bank ordered all banks and other financial institutions to make sure that over-the-counter cash withdrawals by individuals and corporate entities do not exceed N100,000 and N500,000, respectively, per week, in a memo that was released on Tuesday and signed by the Director of Banking Supervision, Haruna Mustafa.

The lawmakers decided in plenary that CBN should postpone implementation pending investigation's result.

Emefiele is expected to appear before the House on Thursday.

Godwin Emefiele
Godwin Emefiele
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