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Cash withdrawal limits: Reps criticise policy, summons Emefiele



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The House of Representatives has criticised the new policy introduced by the Central Bank of Nigeria which, among others, pegged limits to over -the- counter withdrawal for individuals and corporate entities at ₦100,000 and ₦500,000 respectively per week.

The House, has therefore summoned the Governor of the CBN, Godwin Emefiele, to appear before them, to shed light on the newly proposed naira redesign and withdrawal limit policies.

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He is to appear before the lawmakers on Thursday 15th December 2022 at

This resolution followed a motion of urgent public importance moved by a member of the House, Hon. Aliyu Magaji, at the plenary on Thursday.

Several lawmakers warned that the policy would have serious consequences and adverse effects on businesses and Nigerians who have no access to the banking system.

The Minority Leader, Hon. Ndudi Elumelu, however, said the policy would check crimes as funds would now be tracked through the banking system.

” Though the timing might be wrong, the country would benefit more from it”, he said.

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