Cash withdrawal limit will benefit economy —NIPC boss

The Nigerian Investment Promotion Commission has commended the recent Central Bank of Nigeria’s policy which limits daily cash withdrawals to N20, 000 and weekly withdrawals to N100,000 for individuals

The policy, which is scheduled to be implemented on January 9, has received backlash from citizens, economists, lawmakers and politicians.

But the Chief Executive Officer, NIPC, Saratu Umar, while speaking with journalists after an interactive stakeholders’ forum with Ministries, Departments and Agencies on Thursday in Abuja, said the new policy of the CBN would ensure adequate and smooth circulation of money in the banking sector and the nation’s economy.

According to her, the development would attract investors both locally and internationally who would be able to access loans and harness growth and development in numerous areas of the economy.


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