TheCable

Mark Gbillah, member representing Benue Gwer east/Gwer west in the house of representatives, says the new cash withdrawal limit of the Central Bank of Nigeria (CBN) is “extremely harsh”.

Gbillah said this in an interview with Channels Television on Thursday.

He said Godwin Emefiele, CBN governor, has been taking actions beyond his constitutional mandate.

“We have not heard from the CBN governor, this is a draconian way with which it was implemented,” he said.

On Tuesday, the CBN directed deposit money banks and other financial institutions to ensure that over-the-counter cash withdrawals by individuals and corporate entities per week do not exceed N100,000 and N500, 000, respectively.

The lawmaker said the policy by the CBN is not to the advantage of Nigerians who transact daily with cash but “anti-people”.

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

He, however, said Emefiele has been running roughshod over the national assembly and has not carried the legislative arm along in the operations of the bank.

He also said the national assembly did not approve any budget for redesigning the three naira notes, adding that the apex bank did not present any supplementary budget for that purpose.

He added that the eNaira digital currency, launched over a year ago, was not brought before the national assembly.

Responding to whether the new cash withdrawal limits of the bank have any political angle, Gbillah said, “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 Economic and Financial Crimes Commission.

“We do not expect him (Emefiele) to be carrying monetary policies, it is 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.”

On Thursday, Emefiele said the withdrawal policy is not intended to make life difficult for Nigerians but to strengthen the economy.

He also said there were no plans to reverse the new cash withdrawal policy, but withdrawal limits may be adjusted.