REPS INSTRUCT THE CBN TO HALT THE CASH WITHDRAWAL POLICY

The House of Representatives requested the Governor, Mr. Godwin Emefiele, to halt execution of the recent N100,000 weekly cash withdrawal limitations announced by the Central Bank of Nigeria (CBN) and its accompanying economic and social challenges on Thursday during plenary.

Emefiele was requested to appear before the House on Thursday of the following week to discuss the implications of the new policy.

The apex bank’s monetary policies will be suspended indefinitely pending the conclusion of the anticipated engagement with the House over compliance with the pertinent provisions of the CBN act and the 1999 constitution.

The decision followed a motion made by Hon. Magaji Dau Aliyu under “matters of vital public interest.”

Many other MPs who spoke passionately denounced the CBN decision, with the exception of the minority leader, Hon. Ndudi Elumelu, who backed the CBN policy in that it will lower the incidence of corruption and curtail banditry.

The opposition might finally adopt a resolution after the Wednesday meeting ordering the House to abandon the program.

Hon. Mark Gbillah raised a point of order midway through the proceedings, reminding the House that the CBN governor should be regularly briefing the national assembly on the monetary policies of the apex bank and referencing pertinent parts of the CBN act and the 1999 constitution.

He emphasized that the national assembly had not approved such expenditures and that the CBN had yet to explain to Nigerians how the redesign of the Naira was paid for.

In order to support the point of order, the Speaker, Rep. Femi Gbajabiamila, who had received confirmation from a few members of the relevant House Committees of Emefiele’s absence from the briefings, felt justified in doing so.

In the end, he gave in to the substantive motion’s plea and decided that Emefiele should be called to address the House the following week.

Details will follow.