THE House of Representatives, on Tuesday, moved against the Central Bank of Nigeria’s (CBN’s) new policy statement pegging deposit and withdrawal of money by bank customers at N150,000 per transaction for individual and N1 million for corporate body in a day.
To this end, the House directed the Federal Government to ask the CBN to suspend the policy, because Nigeria is not ready for such a policy, noting that if the policy will stand, necessary enlightenment programme should be embarked upon by the CBN.
The House’s objection to the CBN policy was sequel to a motion moved by Honourable Jumoke Thomas-Okoya condemning the apex bank’s move, saying Nigeria’s economy is not ripe for such a policy.
Honourable Okoya had said while moving her motion that, “if this implementation is successful, small-scale businesses will automatically collapse, agro-allied businesses will remain stagnant, thereby making the banking sector to completely suffer patronage.
“I urge the executive to stop this policy or alternatively, raise the bar to a reasonable sum. Cattle sellers should be put into consideration, pretty traders, butchers market women, among others.
“When people refuse to patronise banks crime will be on the increase and some of us will suffer,” she said.
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Reps move against CBN’s withdrawal policy •Say Nigeria not ripe for it