The House of Representatives has criticised the new policy
introduced by the Central Bank of Nigeria which, among others, sets limits to
cash withdrawals at the Deposit Money Banks and other financial institutions.
Consequently, the House summoned the Governor of the CBN,
Godwin Emefiele, to come and explain the policy to the parliament.
He is to appear before the lawmakers on Thursday.
This is based on a motion of urgent public importance moved
by a member of the House, 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, Ndudi Elumelu, however, 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.
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