Cash limit policy good for economy – Masari

THE Governor of Katsina State, Aminu Masari, has said the Central Bank of Nigeria’s policy limiting daily cash withdrawals will help the economy.

Masari said this on Saturday while addressing journalists after a meeting with President General Muhammadu Buhari, in his hometown of Daura, Katsina State.

Asked why state governors had not spoken about the policy, 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.”

The CBN announced that the new notes would be released for public use on December 15. The new notes will circulate alongside the old notes until January 31, 2023, when the old notes would cease to be legal tender.

The CBN on Tuesday, December 6 further issued a directive to commercial banks and financial institutions limiting withdrawals for individuals and corporate organisations to N100,000 and N500,000, respectively.

THE CBN Governor, Godwin Emefiele, said about N1 trillion of the old notes had been returned to the banking system following the introduction of redesigned naira notes.

Nurudeen Akewushola is an investigative reporter and fact-checker with The ICIR. He believes courageous in-depth investigative reporting is the key to social justice, accountability and good governance in the society. You can shoot him a scoop via [email protected] and @NurudeenAkewus1 on Twitter.

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