CBN Cash Withdrawal Limits: ‘Emefiele Going Beyond Mandate’ – Mark Gbillah


A member of the Labour Party representing Benue Gwer East/Gwer West Federal Constituency in the House of Representatives, Mark Gbillah, says the Central Bank of Nigeria’s (CBN) new policy on cash withdrawal limits is “extremely harsh”.

The lawmaker also claimed that the CBN Governor, Godwin Emefiele, has gone above and beyond his constitutional mandate.

“We haven’t heard from the CBN governor, and this was implemented in a draconian manner,” he said during a live appearance on Channels on Thursday.

Earlier on Thursday, he raised a point of order in the lower legislative chamber, requesting that the apex bank halt the implementation of the new cash withdrawal policy, which is set to take effect on January 9, 2023, and his colleagues unanimously directed the CBN to do so.

The lawmaker also stated that the CBN’s policy is “anti-people” and not beneficial to Nigerians who conduct daily transactions with cash.

According to Gbillah, Section 8, Subsection 4 of the CBN Act, requires Emefiele to address the National Assembly twice a year on the bank’s monetary policies and plans.

He claimed Emefiele has ridden roughshod over the National Assembly and has not included the legislative arm in the bank’s operations.

According to the lawmaker, the National Assembly did not approve any budget for the redesign of three naira notes because the central bank did not present a supplementary budget for that purpose.

He claimed that the National Assembly did not approve the redesigned naira notes or the e-naira digital currency, which was introduced over a year ago.

“There are allegations in that regard that this policy is intended to curb vote-buying, to curb the amount of money in circulation, but we do not expect the CBN to do the work of the EFCC,” Gbillah said of the bank’s new cash withdrawal limits (Economic and Financial Crimes Commission).

“We do not expect him (Emefiele) to be carrying monetary policies to be trying to control and curb issues that we have institutions to deal with. We think that he is going above and beyond his mandate. That is what some of us think.

“He didn’t brief anybody. Statutorily, he is supposed to (brief the National Assembly). He is supposed to do so semi-annually.

“We have moved the motion for the suspension of the implementation because we do not believe it is in the interest of the people and we want him to appear before us and explain to us why he has been going about the business of the CBN in this manner,” he said.

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