Masari said the governors are in support of the CBN cash withdrawal limit because it will bolster the economy of the country.
By Emma Ogbuehi
It has emerged that majority of the state governors are in support of the new policy on cash withdrawal limit introduced by the Central Bank of Nigeria (CBN), contrary to the concern raised by the Senate, House of Representatives and the Nigeria Employers’ Consultative Association (NECA), on the agenda.
Governor Aminu Masari of Katsina state, who disclosed the favourable disposition of his colleagues to the policy, explained that it will bolster the development of the nation’s economy.
Masari made the declaration while speaking with journalists after a meeting with President Muhammadu Buhari in his hometown in Daura, Katsina State.
The Senate has raised concerns about the cash withdrawal directives and has consequently scheduled Tuesday next week to debate the policy. In a more vehement note, the House of Representatives has called on the apex bank, to relax the agenda for now. NECA, also expressed concerns over the new CBN directive, saying there is “no gainsaying that the livelihood of many individuals and enterprise sustainability would be impacted.”
Director-General of NECA’s Wale-Smatt Oyerinde, said “This new policy is diversionary and a mere distraction from the critical issues that are affecting the Nation. With the inflation rate hovering around 20 percent and over 100 million Nigerians in multidimensional poverty, the best that Government should do is not to further cripple the economic activities of Nigerians
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But speaking on why the governors have not said anything about the policy, governor Masari said, “what is wrong with it except one who stockpiles millions in his house and is afraid to bring it.”
He further argued that, it will help the economy. In his words, “Now, all the money has not been in the banking sector. The central bank governor said that they have mopped over One Trillion Naira (N1 trillion) into the banking sector which was starched in soak-ways 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.”