Lawmakers criticize the new limit set on bank deposits and withdrawals

The House of representative, Nigeria, has criticized the new policies put forward by the central Bank of Nigeria, which is amongst others, a limit set to bank withdrawals and deposits per day.

He was summoned to come and explain the policy to the parliament, and is to appear before the lawmakers on Thursday.

Several lawmakers have complained that the policy will have adverse effect on business owners and businesses who have no access to the banking system.

However, the minority leader Ndudi Elumelu added that the policy will put crime in check as transactions will now be tracked through the banking system. He acknowledged that the timing might be wrong, but it will be doing the country good and there will be gain to the country from it.

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