Reps Ask CBN To Suspend New Cash Withdrawal Policy

Reps have asked the CBN to suspend the new cash withdrawal policy.

EKO HOT BLOG reports that the House of Reps on Thursday asked the CBN to suspend the new cash withdrawal policy.

The House also summoned CBN Governor Godwin Emiefele in accordance with the provisions of the Central Bank Act to brief the Chamber on several policies of the bank in recent times.

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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.

However, following a point of order raised by Mark Gbillah on the provisions of the Central Bank Act, the House directed the CBN Governor to appear before the House on Thursday, December 15, 2022, to brief the House on why the policy should be allowed to stand.

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Meanwhile, the implementation of the new cash withdrawal policy is slated for January 9, 2023, pending compliance with the provisions of the Act establishing the bank.

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