House of Reps Weigh In On CBN’s New Policy, Orders Emefiele To…

The House of Representatives has ordered the Central Bank of Nigeria’s (CBN) Governor, Godwin Emefiele, to halt the execution of the recent N100,000 weekly cash withdrawal limitations announced some days back.

The apex bank’s monetary policies will be suspended indefinitely pending the conclusion of the anticipated engagement with the House over compliance with the pertinent provisions of the CBN act and the 1999 constitution.

The resolution followed a motion made under the heading of urgent public concern by the Honorable Magaji Dau Aliyu.

Apart from the minority leader, Hon. Ndudi Elumelu, who backed the CBN policy because it would lower the prevalence of corruption and banditry, many other MPs who spoke fiercely opposed the CBN decision.

By passing a resolution to abandon the strategy following the Wednesday meeting, the opposition may ultimately signal a House directive.

Midway into the proceedings, Hon. Mark Gbillah raised a point of order, citing relevant sections of the CBN act and the 1999 constitution, reminding the House that the CBN governor ought to be giving periodic briefings on monetary policies of the apex bank to the national assembly.

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He noted that the CBN was yet to explain to Nigerians how the redesigning of the Naira was funded, stressing that there was no approval of such expenditures by the national assembly.

To that end, the Speaker, Rep. Femi Gbajabiamila who felt convinced after confirming from some members of the relevant Committees of the House on the absence of Emefiele for the briefings relied on the sections of the laws so quoted to sustain the point of order.

He eventually heeded to the prayer of the substantive motion and ruled that Emefiele be summoned to brief the House next week, Vanguard reported.