Reps summon Emefiele over cash withdrawal limit

The House of Representatives has summoned Central Bank Governor, Godwin Emefiele over plans to limit cash withdrawal at Deposit Money Bank and other financial institutions.

The House invited the CBN governor through a resolution at its sitting on Thursday.

Members of the House who spoke condemned the move, saying it would have serious consequences and adverse effects on businesses and Nigerians who have no access to the banking system.

The CBN governor is expected to appear before the House next Thursday at 11am to shed light on the newly proposed naira redesign and withdrawal limit policies.

WesternPost had earlier reported that the CBN limited the amounted an individual can withdraw over the counter to N100,000 weekly, while corporate organisations would only be able to withdraw N500,000 per week.

The apex bank also limited cash withdrawal per week via Automated Teller Machine (ATM) to N100,000 subject to a maximum of N20,000 cash withdrawal per day, while also revealing that only N200 and below will be the denominations to be loaded in ATMs.