Reps summon CBN gov over Islamic banking, cashless economy policy

The House of Representatives, on Tuesday, summoned the governor of Central Bank of Nigeria (CBN), Mallam Sanusi Lamido Sanusi, to appear before it on Thursday to expatiate on the cashless  economy policy and the controversial Islamic banking introduced by the apex bank.

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The House resolution to summon the CBN governor was sequel to a motion moved by Honourable Aliyu Yakubu, Peoples Democratic Party (PDP) Yobe, questioning CBN’s policy on daily cash withdrawal limit of N150,000 for individuals and N1million for corporate customers.

Honourable Yakubu averred that the proposed policy of CBN to limit daily cash withdrawals from banks with effect from June 2012 would affect local farmers and traders who do not have banks in their localities, stressing that “some communities in the country have no commercial banks, micro finance banks or Automated Teller Machine, ATM.”

But the Speaker, Honourable Aminu Tambuwal, who presided over the plenary session, asked the former chairman of the House Committee on Banking and Currency, Honourable Ogbuefi Ozongbachi, to give the House a direction on the matter. Continue reading