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HomeTop NewsGovernors Forum wants CBN to amend portions of cash withdrawal limit policy

Governors Forum wants CBN to amend portions of cash withdrawal limit policy

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The Nigeria Governors’ Forum (NGF) has said that it was not opposed to the Central Bank of Nigeria’s (CBN) new currency policy but wants the regulatory bank to consider the concerns raised on the implementation of the cash withdrawal limit as it affects the poorest and most vulnerable households.

According to the Sokoto State Governor and the NGF Chairman, Aminu Tambuwal, the CBN should consider the peculiarities of states, especially as they pertain to financial inclusion and under-served locations.

Tambuwal said after the meeting and briefing by the Governor of the CBN, the two bodies made three resolutions on the way forward, which include;

“1. Work closely with the CBN leadership to ameliorate areas that require policy variation particularly the poorest households, the vulnerable in society, and several other citizens of our country that are excluded.

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“2. Collaborate with the CBN and the Nigerian Financial Intelligence Unit (NFIU) in advancing genuine objectives within the confines of our laws, noting that the recent NFIU Advisory and Guidelines on cash transactions were simply outside the NFIU’s legal remit and mandate.

“3. To engage the CBN in addressing anomalies in the country’s monetary management and financial system,” the statement reads in part.”

On Oct 26, the regulatory bank announced that it would redesign the current naira notes of N200, N500, and N1,000 and make the new currency notes available to the public by December 15, 2022.

The bank has also followed up with a cash withdrawal policy that set limits on cash withdrawal by individuals and corporate entities, which has since attracted criticism from a wide range of people, including politicians and some groups.

The regulatory bank which had initially capped cash withdrawal by individuals to N100,000 and N500,000 per week limit for individuals and corporate entities later revised it upward with the new maximum limit put at N500,000 per week for individuals and N5 million for corporate entities.

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