Aminu Masari, Katsina governor, says the new cash withdrawal
policy introduced by the Central Bank of Nigeria (CBN) will help the country’s
economy.
Masari spoke to journalists after a meeting with President
Muhammadu Buhari in his hometown in Daura, on Saturday.
The new policy limits weekly over-the-counter cash
withdrawals by individuals and corporate entities to N100,000 and N500, 000,
respectively.
Since it was introduced on Tuesday, the CBN has been
criticised by aggrieved individuals.
Aminu Gwadabe, president, Association of Bureaux De Change
Operators of Nigeria (ABCON), said the policy would put pressure on the naira,
causing it to further depreciate.
He said while the policy will discourage the use of cash, it
“is not sufficient to address the challenges inherent in the cash base
sub-sector”.
Similarly, Ahmadu Fintiri, governor of Adamawa, said the
cash withdrawal policy was targeted at the political class, and would further
throw the country into poverty.
However, taking a different view from his Adamawa counterpart,
Masari has thrown weight behind the CBN policy.
“What is wrong with it except one who stockpiles millions in
his house and is afraid to bring it,” he said.
“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 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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