The house of representatives has asked the Central Bank of Nigeria (CBN) to suspend the limits on weekly cash withdrawals by individuals and corporate entities.

TheCable reports that the lawmakers also summoned the CBN governor, Godwin Emefiele, over the new policy scheduled to take effect on January 9, 2023.

The resolution was passed during a plenary session on Thursday following the adoption of a motion of urgent public importance sponsored by Aliyu Magaji, a lawmaker from Jigawa.

At the plenary, the lawmakers resolved that CBN should halt the implementation pending conclusion of probe.

Thelagostimes had earlier reported that the CBN, in a memo issued on Tuesday, signed by the Director of Banking Supervision, Haruna Mustafa, 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.

Meanwhile, Emefiele is expected to appear next Thursday.