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CBN Cash Limit Policy Good for Economy, Say Gov Masari

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Daura, Katsina State – Katsina State Governor, Aminu Masari has praised the Central Bank of Nigeria (CBN) over its new cashless policy, saying it will help in the growth of Nigerian economy.

Masari said this while addressing newsmen after a meeting with President Muhammadu Buhari in Daura, Katsina State on Saturday.

Masari has spoken in support of the apex bank when he was asked why state governors had not spoken about the policy, ICIR reported.

 

Masari 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 they had mopped up 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 trillions will be back in the banking sector. I think it is very good for the economy.”

CBN’s new cashless policy

Earlier, CBN announced its planned to reduce the circulation of notes and that new; redesigned notes (N200, 500 and N1,000) will be introduced and start reaching the public from 15 December.

The new notes will be in use alongside the old notes until January 31, 2023, when the old notes would no longer be considered as legal tender.

The CBN further issued a directive to commercial banks and financial institutions on 6 December that, withdrawal must have a limit for individuals and organizations of N100,000 and N500,000 respectively.

The CBN showed concern that over a N1 trillion of the old notes had not been in the Nigeria’s banking system following the in introduction of redesigned notes.

House of reps summons CBN gov over cash limit policy

On the other hand, the House of Representatives has summoned Godwin Emifiele, the CBN Governor to shade more light his plan and reasons behind the new cash limit policy.

The house resolved that, the governor must appear before it on Thursday, 15 December.

The house also resolved that, the implementation of the said policy must be stopped until probed by the lawmakers.

According to The Nation, Emifiele said there is no plan to reverse the new cash limit policy slated for take-off on January 9, 2023.

Source: News Brief Nigeria

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