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House Of Reps Has Ordered CBN To Suspend Latest Cash Policy

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On Thursday, the House of Representatives requested that the Central Bank of Nigeria suspend its most recent policy, which among other things places restrictions on the amount of cash that can be withdrawn from deposit money banks and other financial institutions.

Fidel Info reports that the House summoned the Governor of the CBN, Godwin Emefiele, to appear and explain the policy before the parliament.

This is based on a motion of urgent public significance made at the House’s plenary on Thursday by Aliyu Magaji.

The legislation, according to several senators, would harm businesses and Nigerians without access to the banking system and have catastrophic repercussions.

Ndudi Elumelu, the minority leader, asserted that the proposal would reduce crime because money would now be monitored through the banking system. Although the timing could be off, the country would gain more from it, he claimed.

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