, cash withdrawal policy, Reps move Emefiele's appearance to Tuesday -

cash withdrawal policy, Reps move Emefiele’s appearance to Tuesday

Godwin Emefiele, governor of the central bank, has a new date for his hearing before the House of Representatives.

Following a letter from Mr. Emefiele notifying the House of his absence, the MPs postponed his presence on Thursday.

To inform the parliamentarians on the contentious cash withdrawal restriction, a new bank policy introduced in November, Mr. Emefiele was scheduled to speak before them today.

The CBN governor notified the legislators that he is traveling with President Muhammadu Buhari to Washington, DC in a letter sent to the Speaker of the House, Femi Gbajabiamila, on Thursday.

A different day to attend the US-Africa Summit was sought in a letter written by the Deputy Governor for Corporate Services, Edward Adamu, and read by the Deputy Speaker, Idris Wase.

“We refer to your request that Mr. Godwin Emefiele, governor of the Central Bank of Nigeria, update the House of Representatives on the bank’s most current policies on December 15, 2022.

“We humbly inform you that the CBN Governor is a member of H.E. President Muhammadu Buhari’s delegation, which is currently in Washington, D.C. for the USA Africa Summit.

So, on Thursday, December 15, 2022, the Governor will be unable to accept your invitation.

Due to the aforementioned national assignment, the Governor regrets that he will not be able to attend the scheduled briefing in person, but he will make himself accessible as soon as possible to offer the information, the letter stated.

Request to cite CBN
After Aliyu Magaji (APC Jigawa) presented a motion on an issue of urgent public significance on Thursday during plenary, the lawmakers summoned Mr. Emefiele last week.

The apex bank instructed all banks and other financial institutions to make sure that over-the-counter cash withdrawals by individuals and corporate entities do not exceed N100,000 and N500,000, respectively, every week, in a memo signed by the Director of Banking Supervision, Haruna Mustafa.

CBN commanded that only N200 and lower be used in the new development.

In the latest development, the CBN ordered that only notes of N200 or less should be inserted into bank ATMs.

Credit: Premium Times

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