The House of Representatives has asked the Central Bank of Nigeria (CBN) to halt the implementation of the new cash withdrawal policy slated for January 9, 2023 pending compliance with the provisions of the Act establishing the bank.
There was anger in the House on Thursday as members took turns to condemn the new cash withdrawal policy, saying it will grossly affect small businesses and the economy since most rural communities don’t have access to banks.
Sponsor of the motion, Magaji Da’u Aliyu, said the new policy by the CBN, which limits daily cash withdrawal to N20,000 daily should not be allowed to stand as it will adversely affect the Nigerian people, especially those running small-scale businesses. He said that while the country was trying to come to terms with the decision to rebalance its currency, the CBN had developed another policy to influence the masses without proper advocacy.