Cash Limits: Banks adamant as Reps order CBN to stay action

House of Representatives on Tuesday insisted that the Central Bank of Nigeria must not proceed with its cash withdrawal policy.


Although the CBN Governor, Godwin Emefiele, for the second time, failed to appear before the House, the lawmakers said their December 8 directive to the apex bank to put the policy on hold had not changed.Amid protests and condemnation, the lawmakers rescheduled the CBN governor’s appearance for Thursday (tomorrow).


Checks however, indicated that the apex bank had not circulated any counter directive to banks and other financial institutions stopping the policy despite the resolution of the lawmakers.


The House at its plenary on December 8 summoned Emefiele to appear before it on Thursday last week to explain the latest policy by the CBN which, among others, sets limits to cash withdrawals at the Deposit Money Banks and other financial institutions.


Among others, the CBN, in a statement on December 6, indicated that beginning from January 9, 2023, the amounts individuals and corporate organisations could withdraw per week would not exceed N100,000 and N500,000, respectively.


The lawmakers wanted to grill Emefiele on the policy on Thursday last week but he failed to appear at the green chamber.


The Deputy Governor, Corporate Services, CBN, Edward Adamu, in a communication to the House told the lawmakers that Emefiele was part of the entourage of the President, Major General Muhammadu Buhari (retd.), on an official trip to the United States.


Deputy Speaker of the House, Ahmed Wase, who read out the letter at the opening of plenary said Gbajabiamila had rescheduled Emefiele’s appearance to Tuesday (yesterday).

At the opening of plenary on Tuesday, the Speaker of the House, Femi Gbajabiamila, notified members that Emefiele would not be appearing before them.


Gbajabiamila said, “First, I think it is important that I communicate back to the House because a couple of weeks ago, the House resolved to, and in compliance with the Central Bank Act and the Constitution of the Federal Republic of Nigeria; we invited the Central Bank governor to brief us last Thursday on policies and what was going on; to brief the House on both the redesigning of the naira and, more importantly, the new cash policy.


“The Central Bank governor was supposed to come in last Thursday but he wrote to the House stating that he was unavoidably absent as he was in the United States on an official visit with Mr President. The House did write back to give him another date since he was officially out with Mr President, and that other date was for today, Tuesday, 10 am.


“Just yesterday, I received a letter from the Central Bank…rather, the Clerk (to the House) received a letter which I have with me. It was not addressed to me, but to the Clerk, since he was the one that wrote the invitation letter in the first place.”


The Speaker went on to read out the latest letter from the Deputy Governor, Corporate Services, CBN, Edward Adamu, titled ‘Re-Invitation for Briefing.’


It read in part, “We refer to your letter of December 15, 2022, inviting the Governor of the Central Bank of Nigeria, Mr Godwin Emefiele, to appear before the House of Representatives on a rescheduled date of Tuesday, December 20, 2022.

“Regrettably, the governor is unavailable to brief the House of Representatives at this time because he has other pre-scheduled official engagements he is currently addressing abroad.


“Accordingly, he has requested that we respectfully convey his inability to honour the invitation on the rescheduled date. The governor regrets this and will contact the House of Representatives as soon as he returns to the country from his official assignment.”




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