Gov Masari backs CBN on cash withdrawal limits

The Katsina State Governor, Aminu Bello Masari, has thrown his weight behind the new Central Bank of Nigeria (CBN) cash withdrawal limits.

The apex bank on Tuesday announced a cash withdrawal limit of N100,000 and a 5 percent processing fee over the counter for individuals, and N500,000 for corporate organizations.

The CBN also pegged the daily withdrawal from Automated Teller Machines (ATMs) at N20,000.

Masari, who addressed journalists after a meeting with President Muhammadu Buhari in Daura on Saturday, said the policy would lift the nation’s economy.

The House of Representatives had on Friday asked the CBN to suspend the policy.

READ ALSO: Group demands Gbajabiamila’s impeachment for opposing CBN’s cash withdrawal limits

Masari, who was asked why state governors have remained silent on the policy, said: “What is wrong with it except one who stockpiles millions in his house and is afraid to bring it.”

“It will help the economy. Now, all the money has not been in the banking sector. The central bank governor said that they have mopped over N1 trillion into the banking sector which was stashed in soakaways and other places.

“We believe that by the end of the transition to the new currency, the remaining trillion will be back in the banking sector. I think it is very good for the economy.”

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