YOUTH FROM THE NORTH CRITICIZE HOUSE OF REPRESENTATIVES FOR RESOLUTION TO END CBN CASH LIMIT POLICY

The Central Bank of Nigeria (CBN) has been encouraged by Northern Youths to disregard the House of Representatives decision that suspends its new cash withdrawal restriction policy for banks and other financial institutions.

On Thursday, the House of Representatives passed a resolution requesting the Central Bank of Nigeria (CBN) postpone the implementation of its new cash withdrawal limit policy, which was set to take effect on January 9, 2023, pending compliance with the Act creating the apex Bank’s requirements.

In accordance with the Central Bank Act’s stipulations, the House also called CBN Governor Godwin Emiefele to appear before the Green Chamber to discuss a number of recent Bank policies.

The House Speaker, Hon. Femi Gbajabiamila, was allegedly working against the CBN cash restriction for his political godfathers, according to the youths speaking at a joint meeting in Abuja on Thursday, led by co-convener Comrade Godwin Meliga.

While calling the parliamentarians’ resolution as unlawful and offensive, the teenagers said that if the politicians felt uncomfortable with the apex Bank’s transformational policies, they should take their complaint to court.

“We have criticized and rejected the decision of the Speaker Hon. Femi Gbajabiamila-led House of Representatives to instruct CBN to cease the CBN cash withdrawal program,” the youngsters declared.

In an effort to preserve the interests of godfathers who seek to use illegal cash to buy votes and launder ill-gotten gains, we describe the decision as illegitimate and a case of legislative rashness pushed too far. We encouraged the CBN to disregard the resolutions.