The House of Representatives has summoned the Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, over the new restrictions on cash withdrawals.
The House resolved that Emefiele should appear before it next Thursday.
The decision to summon the CBN Governor followed a motion of urgent public importance moved by Aliyu Magaji (APC Jigawa) during Thursday’s plenary.
In a memo issued on Tuesday by the Director of Banking Supervision, Haruna Mustafa, and addressed to deposit money banks and other financial institutions, 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.
The CBN also directed that only N200 and lower denominations should be loaded into banks’ ATM machines.
Consequently, the House summoned Emefiele to come and explain the policy to the parliament.
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.
However, the Minority Leader, Ndudi Elumelu, said 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.