The House of Representatives has requested that the Central Bank of Nigeria (CBN) suspend its new regulation that limits weekly cash withdrawals by individuals and corporations.
In a memo released on Tuesday, December 6, and signed by the Director of Banking Supervision, Haruna Mustafa, the apex bank directed all banks and other financial institutions to ensure that over-the-counter cash withdrawals by individuals and corporate entities did not exceed N100,000 and N500,000, respectively, per week. It further said that only banknotes of N200 or less should be used in bank ATMs.
The parliamentarians decided to postpone the implementation while an investigation is ongoing in today’s session on December 8.
The CBN governor would appear before the house on Thursday, the House further resolved.
In response to a motion made under “matters of urgent public significance” by Hon. Dau Aliyu Magaji. Other than the minority leader, Honorable Many other MPs who spoke angrily attacked the CBN’s decision, including Ndudi Elumelu, who backed the program on the grounds that it would end banditry and lessen the prevalence of corruption.