CLARIFICATIONS ON WITHDRAWAL LIMIT POLICY

Published by: Nanah Hauwa Isah|5munites Read. 

Following from the launch of the redesigned naira notes by the president of the federal Republic of Nigeria in line with the CBN cashless policy, 

Recall that the Central Bank of Nigeria announced the new policy on withdrawal limit to be #20,000,00 daily summing up to #100,000,00 weekly cash access. 

Nigerians have raised an eye brow to this finding it inconveniencing to their daily life and businesses. 

However, Mr Johnson Andrew has come out to clear the air saying Nigerians should try to understand issues before  critiquing it. 

 The policy is about cash withdrawal. If you want to transfer billions you can, you can spend millions if you like but it must be trackable. you can use cheque, transfer or point of sale terminal (Pos) but you must not have more than 20k cash with you.

He stated that 'Imagine if robbers now know they can't get more than 40k from any family after all their efforts!'

'Imagine if kidnappers know they will wait for 15 years to collect a ransome of 5m.

Then they will have to use 5 years to deposit it in their account to be able to use it.

Crime will nose dive naturally he opined. 

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He went further to solicite to Nigerians to give the policy a chance.

Johnson Andrew also added that 'Above all, we will now know a man's source(s) of income.

Rituals will end along with cases of missing persons

Unbridled spending and balling will cease.

It will be good for our economy and security please'.