House Of Reps Summon Emefiele Over Controversial CBN Cash Withdrawal Limits

By Akinwale Kasali

48 hours after the Central Bank of Nigeria, CBN, announced Cash Withdrawal Limits, which has generated negative reactions,  the House of Representatives has summoned CBN Governor, Godwin Emefiele, to explain motive behind the initiative.

The National Assembly had 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.

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

A large number Of the Lawmakers had warned that the policy would have serious consequences and adverse effects on businesses and Nigerians who have no access to the banking system.

But Ndudi Elumelu, the Minority Leader in the House has a contrary opinion. According to him, 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.