CBN Policy On Cash Withdrawal Inimical To Small Businesses Growth-Reps
….Summons CBN Governor
Fred Omotara, Lagos
The House of Representatives on Thursday joined the Senate in asking the Central Bank of Nigeria (CBN) to immediately suspend the planned implementation of its new policy on revised cash withdrawal limits for individuals and corporate organizations. This is even as the lawmakers warned that the new policy will stiffen the growth of small businesses in the country.
The members of the lower house who appeared unhappy, also summoned the CBN Governor, Godwin Emefiele, to appear before it on Thursday over the new policy which is expected to take effect on January 9, 2023, and a series of other policies churned out lately.
This is coming barely 24 hours after the senate in a related development, expressed concerns about the policy, with the Senate President, Ahmed Lawan, cautioning the apex bank not to jump into the policy at once as many Nigerians will be affected.
He also asked the committee on banking to discuss the matter with the 2 Deputy Governors of the CBN during their screening holding before next week.
The resolution by the house was passed during a plenary session on Thursday following the adoption of a motion of urgent public importance moved by Aliyu Magaji, a lawmaker from Jigawa.
Magaji and the majority of the lawmakers kicked against the policy saying that it was too harsh and sudden for Nigerians, especially the poor majority residing in the rural areas.
Magaji, who led the debate on the motion, 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