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Reps order CBN to suspend policy on cash withdrawal limits

During Thursday’s plenary session, the House of Representatives asked the Governor, Mr. Godwin Emefiele, to put an end to the recent N100,000 weekly cash withdrawal restrictions issued by the Central Bank of Nigeria (CBN) and its accompanying economic and social difficulties.

To examine the effects of the new policy, Emefiele was asked to come before the House on Thursday of the following week.

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The monetary policies of the central bank would be put on indefinite hold until the expected interaction with the House regarding compliance with the relevant clauses of the CBN statute and the 1999 constitution is resolved.

Following a motion filed on “matters of critical public interest,” the decision was rendered by Hon. Magaji Dau Aliyu.

Several other members who spoke passionately denounced the CBN decision, with the exception of the minority leader, Hon. Ndudi Elumelu, backed the CBN policy since it will lower the incidence of corruption and minimize banditry.

The opposition could ultimately support a House order as a means of resolution to abandon the policy following the meeting on Wednesday.

A point of order was made by Hon. Mark Gbillah in the middle of the proceedings, reminded the House that the CBN governor was required to brief the national assembly on the central bank’s monetary policy on a regular basis in accordance with the CBN Act and the 1999 Constitution.

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The CBN has yet to explain to Nigerians how the redesign of the Naira was paid for, he added, and the national legislature had not sanctioned such expenses.

The Speaker, Rep. Femi Gbajabiamila, felt justified in defending the point of order since he got confirmation of Emefiele’s absence from the briefings from a few members of the relevant House Committees.

He ultimately fell into the argument made in the substantive motion and determined that Emefiele should be invited to address the House the following week.

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