The House of Representatives on Thursday summoned the governor of the Central Bank k of Nigeria, Mr. Godwin Emefiele, to appear before it next Thursday, December 15.
The resolution for the summons was passed during a plenary session on Thursday following the adoption of a motion of urgent public importance sponsored by a lawmaker from Jigawa State, Mr. Aliyu Magaji.
The lawmakers also summoned Emefiele over the new policy scheduled to take effect on January 9, 2023.
Recall that on Tuesday, the CBN issued new withdrawal rules in which it directed all banks and other financial institutions to ensure that over-the-counter cash withdrawals by individuals and corporate entities do not exceed N100, 000 and N500, 000, respectively, per week.
It also directed that only N200 and lower denominations should be loaded into banks’ ATMs.
At the plenary, the lawmakers asked the CBN to suspend the new policy on weekly cash withdrawals by individuals and corporate entities.
Leading the debate on the motion, Magaji said small businesses are drivers of Nigeria’s economy and most small business owners transact their businesses, trade and transactions in physical cash and are in most cases, not inclined to the use of electronic banking system as most of them are either illiterate, half-educated or not learned at all.
“These set of Nigerians who are the drivers of Nigeria’s economy will be seriously negatively affected and their business and source of livelihood may be seriously impaired with these new directives of CBN.
“The new policies rolled out by CBN will hurt the already dwindling economy, and further weakens the value of Nigeria as Nigerians may resolve to use dollars and other currencies as a means of trading and thus further de valued Naira and weakens the economy,” he said.
For his part, a Kano lawmaker, Mr. Aminu Suleman, said the CBN issued the directive without taking into consideration of Nigerians in remote and rural areas.
He said lawmakers in the national assembly may be voted out by their constituents if they do not intervene and demand that the CBN suspend the policy.
“This could be an exit board for many of us if we allow this radical decision to succeed and there my voice must be heard on this.
“There are several government chief executives in this country that have outlived the essence of their positions because I cannot simply understand how we can wake up one day and introduce this draconian approach to businesses, giving Nigerians one month to adjust their belts.
“I think that beyond rhetoric we should search our books and impose necessary legislation to ensure we arrest the situation, we have more powers and we can look into the powers of the CBN and remove the excess powers for us that we can act on behalf of Nigerians,” Suleman said.
For the minority leader and Delta State legislator, Mr. Ndudi Elumelu, the cash withdrawal policy will eventually curb banditry and reduce the incidence of corruption.
“On the issues of cashless policy, I think that is the best thing that can happen to this country even though the timing might be difficult, we may ask for an extension of time for it to be well implemented.
“If there is a cashless policy and people use their phones to transfer money, some of such things will not happen and that is the truth,” he said.
In his remarks, the speaker, Mr. Femi Gbajabiamila, upheld the summons on Emefiele.
However, he pleaded with his colleagues to allow him to consult with the senate president, Mr. Ahmad Lawan on the matter “and see whether in compliance with the act we can have a joint session.”
He said it is important for the CBN governor brief the national assembly.
“If he appears before the senate separately and appears before the House separately, he has appeared before the National Assembly but to save time, I will ask if that is possible,” Gbajabiamila said.
