The house of representatives is demanding that the Central Bank of Nigeria (CBN) suspends the new limits on weekly cash withdrawals by individuals and corporate entities.
The demand followed a resolution passed during a plenary session on Thursday following the adoption of a motion of urgent public importance sponsored by Aliyu Magaji, a lawmaker from Jigawa.
The lawmakers also summoned Godwin Emefiele, CBN governor, over the new policy scheduled to take effect on January 9, 2023.
In a memo issued on Tuesday, 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 do not exceed N100,000 and N500, 000, respectively, per week.
It also directed that only N200 and lower denominations should be loaded into banks’ ATMs.
At the plenary, the lawmakers resolved that CBN should halt the implementation pending conclusion of probe.
Emefiele is expected to appear next Thursday