The news:
- The significance of the CBN’s new withdrawal policy has been questioned by Nigeria’s House of Representatives.
- The CBN Governor, Godwin Emefile, has been summoned to explain the significance of the policy.
- The House also pointed out that the CBN governor should give periodic briefings on the monetary policies of the apex bank to the national assembly.
Nigeria’s House of Representatives has requested the CBN Governor Godwin Emefiele’s presence to explain the impact and significance of the new cash withdrawal limit.
According to Vanguard, the CBN governor will appear before the House on Thursday, 15 December 2022.
On Tuesday, December 6, 2022, CBN sent a letter to all deposit money banks (DMBS), payment service banks (PSBs), and other financial institutions to limit cash withdrawals to further its cashless policy.
The House, however, pointed out that the CBN governor ought to be giving periodic briefings on the monetary policies of the apex bank to the national assembly.
The CBN’s directive has been met with different reactions from Nigerians online, with many citing the pros and cons of the move.
