By Matthew Tabe
The Chief Executive Officer of National Accountant Association of Nigeria (ANAN), Dr. Kayode Olushola Fasua has disclosed that the Central Bank of Bank (CBN) yielded to the citizens demand by increasing the cash withdrawal limits of the Naira currencies.
He made disclosure during an Exclusive chat with The Quest Times on Thursday regarding the new directive by the Apex Bank.
He said, “I think it’s a response to the concerns of the citizens of this country and I think it is sensitivity on the part of the CBN.
“This move will still achieve the objectives of the CBN of controlling the circulation of money in the country, however, it will give the common man on the street, a breather.”
According to Dr. Fasua, the operators of financial inclusion infrastructures of the CBN (Eg POS operators) for instance, can operate profitably as against the initial announcement on December 6, 2022.
He said, “Ultimately, Nigerians should brace up from January, 2023 to embrace technology for financial transactions and this will definitely change a lot of things positively for the country and I earnestly look forward to the policy implementation.”
Earlier, the Central Bank of Nigeria (CBN) yesterday had increased the maximum weekly limit for cash withdrawals across all channels by individuals and corporate organisations to N500,000 and N5 million, respectively.
The CBN said this in a letter addressed to banks on Wednesday.
The apex bank said it made the decision based on feedback received from stakeholders.