CBN’s Withdrawal Policy: No date has been fixed for meeting between Buhari, Govermors- Presidency

The Presidency has said no date has been fixed for President Muhammadu Buhari to meet with a delegation of Nigeria Governors Forum (NGF) over their rejection of the N100,000 and N500,00 cash limit for indidviduals and corporate organisations recently announced by the Central Bank of Nigeria (CBN).

A presidential source said President Buhari’s itinerary is not known having just returned to the country from the official visit to Washington DC, the United States of America, where he participated in the US-Africa Leaders’ Summit.

The governors had at their meeting on Thursday, December 15th in Abuja deliberated on the matter and resolved to appeal to Buhari to retain the prevailing cash withdrawal limits in the country and extend the January 30th, 2023 deadline for the phasing out of the redesigned Naira notes.

The governors, who said their resolution was nonpartisan, stated that the Buhari administration’s goal of protecting the poor in rural regions would be negatively impacted by the policy.

They contended that there was no way the rural dwellers can endure the new policy, adding that with projected employment losses of around 1.4 million by POS operators, it is comparable to lowering the economy’s ceiling.

The CBN pegged the maximum cash withdrawal by individual per week at N100,000 and N500,000 for corporate organisations. Also, the maximum daily limit for individuals at N20,000, effective from January 9, 2023.

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