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House Directs CBN To Reverse Cash Withdrawal Policy

The House of Representatives has directed the Central Bank of Nigeria, CBN to rescind its decision on the cash withdrawal policy.

The House also directed the CBN Governor to appear before it Thursday next week to answer to some monetary policies.

The resolution was sequel to a motion of urgent public importance by a member from Jigawa State, Mr Magaji Aliyu on the need for the Central Bank Governor to rescind the recent cash withdrawal limit policy.

Mr Aliyu observed that the measure would impact negatively on small businesses in the country who are largely in the rural areas and major drivers of the economy.

According to the lawmaker, “Acknowledged that the CBN has the right to issue monetary policies for the nation’s economy, but the new policy would definitely have a negative impact on the already dwindling economy and further weaken the value of the currency.’

Contributing to the debate, a member from Kano State Mr Aminu Sulaiman, was of the view that most rural areas lacked effective banking services and needed to travel long distances to access the services.

The Lawmaker also stressed that the time given to Nigerians to understand the policy was short adding that there was also inadequate sensitization of Nigerians on the new policy.

For the member from Enugu state Nnolim Nnaji, the decision is totally against commerce as he maintained that the only way to drive the economy was for more spending.

On his part, the minority leader of the house, Ndudi Elumelu however, presented a contrary view stating that the cashless policy would be of great benefit to Nigerians as it would reduce criminal activities and corruption in most sectors.

In his ruling on the motion, the speaker Femi Gbajabiamila, directed the CBN to rescind the policy and also summoned him to appear before the house on Thursday next week.

By Ifeanyi Osita Edited by Grace Namiji

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