CBN Governor Emefiele shuns House of Reps plenary over cash withdrawal limit
The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, on Thursday, failed to show up before the House of Representatives plenary over the new cash withdrawal policy.
At plenary on Thursday, the CBN Governor was absent and was said to have travelled out of the country with President Muhammadu Buhari.
In a communication to the House, Deputy Governor in charge of Corporate Services, Edward Adamu said the CBN Governor would not be appearing before the House on Thursday as planned because he was on an official trip to the United States of America with the President.
Deputy Speaker, Ahmed Wase, read the letter to members at the opening of the plenary on Thursday.
Adamu said the CBN Governor would appear before the House to defend the policy “at the earliest time possible.”
Following a motion of urgent public importance by Magaji Da’u Aliyu, the House invited the CBN Governor to come and explain to the House the implications of the new policy.
The House also asked the apex bank to halt the implementation of the policy expected to commence on January 9, 2023, pending compliance with the Act establishing the Central Bank.
Some members of the House had accused the Central Bank Governor of violating the provisions of the CBN Act which required a periodic interface with the National Assembly as well as relevant committees of the parliament.
Section 8 (4) of the CBN Act states that “The Governor shall appear before the National Assembly at semi-annual hearings as specified in subsection 5 regarding (a). efforts, activities, objectives and plans of the board with monetary policy and (b). economic development and prospects for the future described in the report required in subsection 5 (b) of this section.
Section 5 of the Act also states that “The Governor, shall from time to time (a). keep the President informed of the affairs of the bank, including a report of its budget, and (b). make a formal report and presentation of the activities of the bank and the performance of the economy to the relevant committees of the National Assembly.
Following outcry by members, the House asked the CBN Governor to appear before the House at plenary to explain the new policy and its implications on Nigerians and the economy.
Newsflash Nigeria is an online newspaper that is developed and written exclusively for Nigerians. It’s packed with up-to-the-minute Local and National Economy News, Share & Capital Market, Health, Sports, Education, Technology, Business and Opinions.
To make further advert enquiries or place an order, please contact us at [email protected] and +2348053316946 and WhatsApp number 08033546732
FOLLOW US ON GOOGLE
